Liberals pare down scope of passive-income measure for small business

OTTAWA — The federal government is moving to pare down its controversial tax proposal on passive income so that it will only affect three per cent of small businesses.

A senior government official tells The Canadian Press that Finance Minister Bill Morneau will be in New Brunswick on Wednesday to unveil changes to his passive investment proposal so that it only targets unfair tax advantages used by the wealthy.

The official, who spoke on condition of anonymity ahead of the announcement,...

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