Here's how the government can support Canada's small businesses:
1. Increase the current Small Business Deduction Threshold from $500,000 to $700,000 and index it to CPI inflation year after year. This would allow businesses to retain more income at a lower tax rate and support much needed growth.
2. Increase the Small Supplier GST Threshold from $30,000 to $60,000 and index annually to CPI. Raising the threshold reflects modern economic realities, reduces red tape, and reduces compliance burdens on Canadian small businesses.
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