West Ottawa Board of Trade
Act Now and fight proposed business tax changes!
We are working with the Canadian Chamber, Ontario Chamber and Ottawa Chambers of Commerce to ensure it is well known that tax reforms announced by the government are going to be an extra burden to many SMEs. We are asking for your help. And time is short. The changes the federal government intends to make to business taxes is an issue where the power of the network can affect change if we all work together and use our voice of business. The window of opportunity is closing. The Liberal and Conservative caucuses meet immediately after Labour Day and our MPs must be informed.
Please voice your concern and spread the word. Take a look at this template letter and share your own story with your MP. Ask for justification for this tax overhaul. Your MP needs to know how the proposed tax changes will affect your business. Significant burdens on small business impacts the entire middle class. Find your MP here: http://bit.ly/2gdOHWZ
Tax changes on the horizon are damaging to businesses that form the backbone of many Canadian
communities. Statistics show that anywhere between 85-90 per cent of businesses in Canada are small and medium-sized and, according to July 2017 Statistics Canada data, nearly 50% (1,297,000) of (2,825,300) self-employed Canadians head businesses that are incorporated (either with or without paid help). Incorporated companies are not only large - they are small too!
Tax Reform should be done with proper consultation with Canadians. 75 days during the summer is not enough consultation. Take the time to ensure legitimate middle class SMEs, and those who depend on them, are not harmed.
SME owners don't have paid vacations, pension plans, benefits. If they can't save for these, why not go work for someone else?
SME owners put their ♥ and soul in to their business. Their families share the risk too. They do not deserve tax grabs.
These are not tweaks! The government has just proposed the most radical Canadian business tax overhaul in 50 years.
No other country has tried to impose such punitive tax measures on small business. Legitimate SMEs will be swept up by changes to catch a few bad apples.
Are you a business owner?
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.