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.
Member of Parliament Gord Brown's Proposed tax reform plan meeting on Sept 14/2017 had many emotional stories shared that demonstrate the enormous changes and financial strains that will further affect those of you who operate small businesses, family farms and professional corporations.
The way to change or eliminate the proposals is through your protests.
As stressed by The Honourable Pierre Poilievre, it is crucial that your voices against these proposed tax changes are heard.
Write to the Finance Minister, The Honourable Bill Morneau and the Finance Committee Chair, the Honourable Wayne Easter. Postage free mail can be addressed to them at : House of Commons, Ottawa, ON K1A 0A6.
Sign the E-petition.
A link to all MP's contact information.