Small Businesses Benefit From Provincial Tax Cut
Small business owners have something to celebrate after a decision was passed by the provincial government earlier this month.
The small business cooperate income tax rate is dropping from 2.5% to 2% making it the second lowest rate Canada-wide, tied with Alberta and Saskatchewan. The tax cut will be retroactive to April 1st of this year.
Terrace Chamber of Commerce President Loralie Thomson sees the cut as another way small businesses can build upon their resources.
"Well they can put back into their business right. If you don't have to give it to the government, you could probably put it back in to growing your business or perhaps put it into the employees' pockets or in to your customers' pockets. It doe benefit the whole community at a large." Thomson said.
Thomson added she thinks the decision should set the tone for how the new government intends to deal with the small business economy. Although happy with the decision now, she stresses there is more work to be done.