Private Corporation Tax Reform Concerns
The new tax policies announced by the Canadian Federal Government on July 18, 2017, result in doubling (or even tripling) income taxes on small businesses. This discourages entrepreneurs and hurts businesses in every industry by strongly discouraging participation in this highly productive sector of the economy.
We are very concerned at the impact these changes will have on our clients and the economy as a whole. We encourage you to take action should you also disagree with the proposals. We have included links for your reading. The first link is a Government outline followed by several expert opinions on the impacts that these changes will have on hard-working entrepreneurs. Below those please see a link to a template for a sample letter that we encourage you to send to your local MP.
In addition, you can sign an online petition (change.org) initiated by Joseph Devaney, a tax consultant and tax advocate from Edmonton. Please follow this link:
In the Bow River electoral constituency, the MP is Mr. Martin Shields
403 - 2nd Avenue West, Suite 2
Toll Free: 1-844-241-0020
Dear Mr. Martin Shields M.P.:
I have been educating myself about the new tax legislation proposed by the Federal Government on July 18th, 2017, and I am deeply concerned. The proposals are essentially punitive to small businesses - the lifeblood of the Canadian economy. I don't believe that tax-grabs from Canadian families of up to 93% are fair.
These proposals will compel many small business owners to close or relocate their operations from Canada. They will kill jobs in our community. I'm worried that the loss of Canada's brightest talent, including doctors, engineers, and tech entrepreneurs, will cause lasting harm to our economy.
· Are small businesses valuable to the Canadian economy?
· Does starting a business entail considerable risks and costs?
· Why should businesses take those risks?
· Do tax policies change behaviour? And tax policies of alternative countries?
· In a punitive business environment, where will productive employment come from?
· With the prospect of 60%-110% tax rates, why would a business choose to grow in Canada?
The seriousness of these proposals will weigh in on my vote in 2019. I implore you to represent these concerns for the sake of our country. Each day that passes under the threat of these proposals wreaks more damage to businesses.