The province has announced a cut to the small-business corporate income tax rate from 2 point 5 per cent to 2 per cent, retroactive to last April 1st.
President and CEO of the Greater Nanaimo Chamber of Commerce Kim Smythe says this cut has been promised for years, so it’s good to see it happen……
Smythe says an important part of the announcement is that Credit unions will also be taxed at lower rates.
There had been some concern they would face the same tax as chartered banks do.