Federal Changes to Small Business Tax Worry CFIB
Prince George, B.C. – There has been a great deal of opposition to the proposed federal tax regime which would see small business carry a larger burden. The Canadian Federation of Independent Business says the changes will only hurt small business across the country.
“The government is trying to convince the public that these proposed changes are meant to support the middle class” says Dan Kelly, President of CFIB “The reality, however, is these are broad-brush proposals that are going to affect businesses at every income level across the country. Nine out of 10 business owners have told us that these tax changes are significant to their business.”
Skeena-Bulkley MP Nathan Cullen says he has been inundated with emails from small business owners throughout northern B.C. “We have demanded the Government extend and expand the consultation. Extend the time because launching consultation for small businesses in the middle of summer when they are usually at their busiest is a bit of a screw up , and expand it to include were the real tax cheats are, it’s the offshore accounts, it’s the family fortunes the wealthy and well connected have set up which are in the billions and billions of dollars every year, which dwarfs whatever the Liberals are going after.”
The CFIB’s latest survey suggest 88% believe the changes will make it more difficult for their small business to grow and create jobs, while 95% of tax practitioners say the proposed changes will ” further complicate the tax system and increase the cost of tax compliance for their small business clients.”
The changes would make it more difficult for small businesses to share income with family membets, and limit a business owners ability to keep certain investments in their business as a safeguard against future emergencies or economic downturns. “These aren’t loopholes for the wealthy, as the government claims” says CFIB’s Dan Kelly “These are legitimate ways for small business owners to grow their business, ensure the stability of the firm during uncertain times, or to save for the retirement. Without these measures, businesses will not be able to create as many jobs for Canadians.