New York SBDC Research Network

From:  IBISWorld Canadian business uncertainty is high following the recent US election due to the Trump administration’s goal to renegotiate the North American Free Trade Agreement (NAFTA). The Canadian economy has relied on US markets for decades  with exports to the United States consistently comprising more than 70.0% of  Canada’s total over the past 10 years. Amid potential NAFTA renegotiations, Canada has pursued closer trade relationships with other regions including Europe and Asia, which will present both opportunities and challenges for the country.

Because of a Republican-held Congress, and the new Trump administration, there has been talk on a new tax reform. In fact, according to Steven Mnuchin , Trump's [now confirmed] pick to head the Treasury department[now confirmed],that there will be   two comprehensive tax reform plans under this administration. But how will all this affect small business?  President Trump has repeatedly said that he will cut corporate taxes down to 15%. But most small businesses are in the form of S-corps- partnerships and limited liability corporations (LLC). In response to this, the two plans propose three tax brackets- 12%,25%,and 33%. And to repeal the Net Investment Income Tax (NIIT)- which, according to the IRS , "   applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts." With the Trump plan,businesses will be able to elect a max rate for business income at 15%. "The Blueprint...