Small-business advocates lament ‘appalling’ lack of detail ahead of Jan. 1
The federal government’s tax reform changes for small-business owners are causing concern in part due to vague details surrounding the changes. Dan Kelley, president of the CFIB, believes the change is being rushed and should at least be delayed a year. The Finance Minister Bill Morneau introduced the changes as a series of alterations designed to reduce tax avoidance by making specific tax planning practices more difficult. As a result of the critical feedback, the finance minister has revised his original proposal to appease detractors. Now, small-business owners are concerned because information regarding what is being changed isn’t clear, and the major concern is that businesses currently do not know what needs to be done to comply with the new laws.