Newspaper article The Canadian Press

Atlantic Audio 2:05 PM AT

Newspaper article The Canadian Press

Atlantic Audio 2:05 PM AT

Article excerpt

Atlantic Audio 2:05 PM AT

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AT01 - (Tax-Reforms)

HAMPTON, N.B. x-17s. Finance Minister Bill Morneau is adjusting his tax proposals on passive income so only about three per cent of the "most wealthy" privately owned corporations will have to pay higher taxes. Morneau confirmed the changes today at a cafe in Hampton, New Brunswick. The minister says the system will now allow a threshold of 50-thousand dollars of passive income investment annually. Jason Stephen, vice president of the Canadian Real Estate Association, says the minister has listened.

("...do that.") (SOURCE:The Canadian Press)

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TAG: The tweak to Morneau's original proposal comes after an onslaught of complaints that warned cracking down on passive investments could adversely affect middle-class entrepreneurs who use their companies to save for economic downturns, sick leaves and parental leaves. …

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