Your Neighbourhood Small Business Owner Isn’t A ‘Fat-Cat Tax Cheat’
While the Canadian government’s proposed tax changes may appear to target large businesses in the act of evading taxes or using questionable tax practices, the reality is that the new legislation would affect neighbourhood coffee shops, chiropractors, farmers and dry cleaners. These businesses have relied on legitimate small business tax rules from previous Liberal and Conservative governments to enable them to grow and expand. They have been following the rules, filing when they were supposed to and being lawful for the most part. However, all of this may change if some of the rules (that mitigate the higher risk of entrepreneurship for small businesses) are now being thought of as loopholes for these small business evildoers, which is not the case.