Abbotsford Chamber of Commerce – TAX ADVISORY

September 7, 2017

Call To Action – Contact Your MP NOW!

Are you a business owner?

Tax reforms announced by the Federal government in July are going to place an extra burden on many Small and Medium size businesses. These intended changes were to target high income earners, but the reality is this impacts all business owners of all levels.

If your business is incorporated, then you could be facing a larger tax bill and big compliance costs from the government’s new proposals to change the way corporations are taxed.

Here are three things you need to know about the tax changes proposed by the federal government:

1. Do you employ family members? The government wants to scrutinize their
compensation to apply a much higher tax rate on income they consider
“unreasonable”.

2. Do you invest the profits from your business? The federal government is
proposing to tax that income at an effective rate of 70%.

3. Do you want to pass your business on to your children? Tough new rules make it
difficult for younger kids to get the capital gains exemption. They could be double-
taxed.
Small and medium-sized businesses (SMEs) are the engine of the Canadian economy – estimates range from 85 to 90% of all businesses in Canada are SMEs.

As part of the Coalition for Small Business Tax Fairness a detailed letter was sent to Finance Minister Morneau outlining our concerns. The Canadian Chamber is a signatory of the letter and a copy is available here: Morneau Letter

The Abbotsford Chamber together with the Chamber network across Canada is using its collective voice on this issue – your voice as a business person needs to be heard as part of this initiative. Tell your story!

Click here for a sample letter that you can use to send to your MP by mail or email: Sample MP Letter

 

MP Ed Fast

Abbotsford ,

House of Commons

Ottawa, Ontario Canada

K1A 0A6

email: ed.fast@parl.gc

 

MP Jati Sidhu

Mission, Matsqui

Fraser Canyon

House of Commons

Ottawa, Ontario Canada

ca K1A 0A6

email: Jati.Sidhu@parl.gc.ca

 

Send a message to your MP today. Government needs to know that this tax reform will harm businesses of all sizes.