Small Business Tax Rate Reduction Passes in the House of Assembly
The small business corporate income tax rate in the province has been reduced from 3 per cent to 2.5 per cent effective January 1, 2024.
The tax reduction was announced in Budget 2024 and passed in the House of Assembly on Friday.
The budget initiative will result in lower taxes for approximately 6,200 small businesses.
The small business tax rate reduction offers immediate financial relief and can lead to long-term economic benefits. Small business owners need to contact with Tax Consultant Prince George to understand the implications fully and to make the most of the new tax landscape.