On Oct. 16, the federal government announced it would cut the small business tax rate to 9 percent from 10.5 percent by 2019. While this is welcome news for most small business owners, it has failed to alleviate concerns about proposed changes to the way private corporations are taxed. These changes are designed to target […]
Our tax system is progressive; your first earnings are taxed little or not at all, and your later earnings are taxed at a higher rate. For couples, the spouse with the highest income can transfer a portion to the other spouse to reduce their total tax bill.