Last updated: September 24 2014
Regulatory burdens for businesses are becoming less taxing in Canada, according to a 2014 study by PricewaterhouseCoopers, which analyzed the ease of paying taxes in 189 countries.
It found that preparing, filing and paying taxes each year takes a business in Canada 25% less time than a business in the United States. This information formed part of a September 17 information event by Minister of State (Finance) Kevin Sorenson, who was promoting the government’s commitment to the business community.
Small businesses with $500,000 of taxable income have also enjoyed a 34.2% decline in their tax burdens, a federal tax savings of $28,600. Reductions in the small business tax rate and increases in the small business income limit are providing an estimated $2.2 billion in tax relief in 2014.
In addition, a new Small Business Job Credit will reduce EI premiums in 2015 and 2016 to save over 90% of all EI premium-paying businesses in Canada more than $550 million – a cost reduction of about 15%.
According to a 2012 Study by KPMG, top concerns of family businesses include
But the study indicates that of special importance to family businesses are issues related to succession of ownership (40 percent) and succession of senior management (35 percent).