–Sooke Region Chamber of Commerce
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:
- Do you employ family members? The government wants to scrutinize their compensation to apply a much higher tax rate on income they consider “unreasonable”.
- Do you invest the profits from your business? The federal government is proposing to tax that income at an effective rate of 70%.
- 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.
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. Immediate action will be required as caucuses will be meeting right after Labour Day.
Send a message to your MP today. Government needs to know that this tax reform will harm businesses of all sizes.
Member of Parliament for the Sooke Region are:
Esquimalt-Saanich-Sooke (includes Colwood, View Royal and Metchosin)
Address: 2904 Tillicum Road, Victoria, BC V9A 2A5
Cowichan-Malahat-Langford (includes Highlands)
Address: 3202B Happy Valley Road, Victoria, BC V9C 2V8
- CBC article: Small business owners say they are unfairly targeted by proposed tax changes
- CBC article: Finance Minister Bill Morneau proposes tax changes to close loopholes for wealthy
- CBC article: ‘Taxing the rich’ gets biggest reaction in real-time survey of 2017 budget speech
- CBC article: Federal budget 2017: Highlights of Bill Morneau’s 2nd budget