September 22, 2017

Trudeau’s Proposed Tax Changes Devastating for Small Businesses: A letter to the Department of Finance

The latest proposed Canadian tax laws could be devastating to small businesses. These laws paint these quaint businesses in the same light as larger, more shady business. In addition to treating businesses that were following the rules as if they were blatantly evading their taxes. If they become law, these kinds of regulations will be costly to businesses in terms of time and money as well as, in some extreme cases, the businesses altogether.

Key Takeaways:

  • The Canadian Finance proposals, while designed to make Canada more competitive in the global economy, will hinder Canada’s competitiveness.
  • The Finance Minister’s proposal will force small and large business to restructure to avoid a 73% tax, which will in turn reduce the revenue flowing to the government.
  • While the tax proposals are aimed at large corporations, the consequences will force all companies to claim more passive income, which will remove active income from the overall economy.

If you’re a small business, we highly recommend contacting your MP and share your concerns with them. If you follow the link to the original article below, there is a sample letter that you can use to address the issue or send to Bill Morneau at the Finance Department.

“The Finance department and the Federal Liberals are incorrectly casting small business owners as wealthy tax cheats.”

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