Federal Government’s Fall Economic Statement Signals Support for Small Businesses, including Doctors
OMA Statement, November 24, 2018
Federal Government’s Fall Economic Statement Signals Support for Small Businesses, including Doctors
OMA Statement, November 24, 2018

This week, Finance Minister Bill Morneau released the Federal government’s Fall Economic Statement (FES) in the House of Commons. The FES focuses on maintaining Canada’s competitiveness and growing the middle class.

The Ontario Medical Association’s (OMA) preliminary analysis of the statement indicates that the Federal government is working to provide opportunities for small businesses, which includes approximately 20,500 doctors in Ontario who have their own practices and/or incorporated, to grow and gain important tax savings.

The statement highlights that Canada continues to provide a highly competitive corporate income tax rate for small businesses. Other measures introduced for small businesses include incentivizing investment. This will allow businesses to:

  • Write off the full cost of machinery and equipment used for the manufacturing and processing of goods
  • Immediately write off the full cost of clean energy equipment
  • Allow businesses of all sizes and sectors to write off a larger share of the cost of new assets in the year it was made (Accelerated Investment Incentive)

“The OMA looks forward to the 2019 Federal budget ahead of an election year and continues to look for opportunities to work with the Federal government to support small businesses and ensure we remain a competitive country for everyone,” said Dr. Nadia Alam, OMA President.