(Francine Kopun – Toronto Star)
Canadian businesses are at a growing tax disadvantage vis-à-vis their U.S. counterparts and Tuesday’s federal budget did nothing to improve the situation, according to business leaders.
“A big worry is what wasn’t in the budget — and that is anything to improve Canada’s competitiveness relative to the United States on the tax reform front,” said Dan Kelly, president, chief executive officer and chair of the Canadian Federation of Independent Business.
“We knew they weren’t going to do anything major there, but we were hoping that they might have started some form of a deduction for capital investments, as has happened in the U.S.”
Recent tax cuts in the U.S. have poured billions of dollars into corporate coffers, putting businesses in a position to spend more money on wages, new technology or other capital upgrades. Click here to read more.