Calgary small business owner, proud husband and father of two Mike April watched yesterday’s budget and said as far as his family goes, there wasn’t a lot that he could see directly benefiting them — aside from the tax cuts.
According to Dean Paley, tax professional for Edward Jones Canada, the Aprils will see that tax relief to the tune of about $350 per year, having a two-income household nearing the $150,000-income mark.
Paley said the Aprils will continue to realize good tax and retirement benefits in the future as long as they continue to contribute regularly to RRSPs and their children’s education.
Where Mike April could realize even more benefit, according to Paley, is on the small business side.
As a small business owner, April may benefit from the temporary increase in the capital cost allowance for computers and the increase in the income eligible for small business tax rates — which went to $500,000 from $400,000, Paley said.
In addition, should April wish to expand, the maximum loans under the Canada small business financing program have been increased.
With an active family, April appreciates fitness credits for the kids — but would have loved to have seen something for middle-aged Canadians in the same regard. He did hope that some of the $500 million allotted for recreation repair would head to Calgary, since he’s had to head out of town with his son, Jordi, just to get ice time before.
“There are a few other rinks that are in really bad shape. If they don’t get money injected into them, they’ll just have to close their doors. I think if anything it’ll keep them open.”