The Federal Budget was unveiled by the government a few weeks back. A few items of importance to small business owners include:
- An increase of the small business corporate income tax threshold from $400,000 to $500,000.
- A temporary CCA allowance rate of 100% for computers purchased after January 27, 2009 and before February 1, 2011. In addition, there will be an extension of 2 years of the temporary 50% CCA rate for any investment in manufacturing or or processing machinery and equipment.
- Greater access to credit through increasing loan amounts made available by Export Development Canada and the Business Development Bank of Canada.