GET THE FACTS
Slides from a presentation to Chamber members by Jason Kennedy, CPA, CA, of Hawkings Tinney LLP Chartered Accountants, at the Chamber's office on September 27, 2017.
LOCAL BUSINESS SPEAKS OUT
Chambers of Commerce across the country are calling on members to voice their concerns about the proposed tax changes. The government needs to see and hear from small business owners who will be unfairly impacted by these changes. #protectgrowth #smallbusiness#stopunfairtaxes
SMALL BUSINESS TAX CHANGES - WHAT YOU CAN DO
The Government of Canada has announced some of the most sweeping changes to business tax in 50 years - with significant negative impacts to small business:
- Limiting income-splitting
- Higher tax rate on passive investments
- Limiting the conversion of regular income into capital gains.
The rules would apply to all incorporated businesses in Canada, most of whom are restaurants, retailers, farmers and consultants—to punish them for saving and investing. Two thirds of small business owners earn less than $73,000 per year and half of those earn less than $33,000. And a majority of small businesses in Canada employ family members.
Since the announcement of proposed small business tax changes, Chambers have been actively fighting for business: working to extend the consultation and making sure the government understands the negative impact they will have on legitimate small businesses. On September 24, at the Canadian Chambers of Commerce Policy Sessions, Chambers confirmed their support of tax fairness for Canadians by recommending that the federal government take a balanced approach to tax reform by establishing a Royal Commission to review the taxing statutes. Federal Finance Minister, Bill Morneau said the government won't change course on the proposed tax changes and the period for public comment closes on October 2, but our fight goes on.WHAT YOU CAN DO:WRITE using our template letter to express your concerns and tell your story to your MP. Since the resignation of Rona Ambrose has left constituents of Sturgeon River – Parkland without an MP, you can send your letters to Kelly McCauley, Member of Parliament for Edmonton West, at firstname.lastname@example.org. Template letter available here.VIDEO record your story and join small business owners across the country sharing on social media. Click here to watch an example of one video. Please send your videos or links directly to me at email@example.com and I will ensure it is forwarded to the Canadian Chamber of Commerce and add your voice to the growing number of Canadians that are standing up for small business. You are also welcome to call me for assistance with creating your video message.SIGN your name to the on-line petition, available here.SHARE the message with family, friends, colleagues, and anyone else who cares about small business in Canada. The Canadian Chamber of Commerce has created the protectgrowth.ca website to help spread the message and the #ProtectGrowth hashtag to use in your social media.