On October 19, 2015, the Federal Liberal Party, led by Justin Trudeau, obtained a majority of the available seats, giving the required strength to more quickly pass bills and implement the party platform.
On February 25, 2016 Finance Minister Charles Sousa tabled his fourth Budget.
The deficit for the 2015-16 fiscal year is projected to be $5.7 billion, which is $2.8 billion less than forecasted in the 2015 Budget. The deficit is projected to drop to $4.3 billion for 2016-17 and to be eliminated by 2017-18. Furthermore, the government is also projecting a balanced budget in 2018-19.
If you own shares in a private corporation, say a small family business, you'll know that there are many tax advantages – a host of deductions, writeoffs, and other tax breaks to help keep your business solvent. But what you might not know is that there some tax traps that aren't as well known. And if you fall afoul of these, you could be bringing on a world of tax trouble. Here's a look at these traps, and how to avoid them.
1 Advice for businesses
Nobody likes to pay too much tax. Luckily, there are a number of tax-saving measures that can help with just that—both for businesses and individuals. But, in order to capitalize on these opportunities, now's the time to review your 2015 tax situation to see if any apply to you.