The Canadian Government has announced that the Budget Implementation Act, 2018, No. 1 received Royal Assent on 21 June 2018. The Act implements a number of tax measures proposed in the Federal Budget 2018 ({News-2018-03-01/P/2-previous coverage}). Some of the main measures include:
- A reduction in the small business tax rate from 10.5% to 10%, effective 1 January 2018, and to 9%, effective 1 January 2019, along with consequential adjustments to the dividend gross-up factor and dividend tax c…