Liberal Government Plans to Simplify and Improve Canada's Tax System, Focusing on Small Businesses

Prime Minister Mark Carney's point person for budget consultations has revealed that Ottawa plans to tackle long-awaited tax code reform 'one bite at a time', with changes for small businesses high on the priority list. Wayne Long, MP for Saint John—Kennebecasis and secretary of state for the Canada Revenue Agency and financial institutions, stated that major reform is overdue and necessary. The upcoming fall budget, the second delivered under Prime Minister Carney, is seen as 'chapter two' in the Liberal government's efforts to attract investment and set the country up for growth after the U.S. tariff campaign. According to Long, a 'major international player' has expressed interest in investing more in Canada but only after Ottawa makes changes to its tax code and how it governs investments.