19 April 2016 Canada's budget implementation notice of ways and means motion tabled in House of Commons A detailed notice of ways and means motion (NWMM) to implement certain tax measures announced in the 2016 federal budget, as well as various other tax measures previously announced by the former government, was tabled in the House of Commons on April 18. The NWMM includes the following business tax measures announced in the 2016 federal budget: (i) Small-business tax rate - Cancellation of previously enacted reductions to the small-business tax rate scheduled to take effect in 2017, 2018 and 2019 (so the rate will remain at 10.5% after 2016); and (ii) Non-eligible dividend rate - Amendments to maintain the 2016 non-eligible dividend gross-up and dividend tax credit rate for 2017 and later years (as a result of the cancellation of the previously enacted reductions to the small-business tax rate for 2017, 2018, and 2019). Specifically, the gross-up factor will remain at 17% and the effective dividend tax credit rate will remain at 10.5%. Document ID: 2016-0708 |
