Abbotsford Chamber Concerned About Proposed Federal Tax Changes

Abbotsford – The Abbotsford Chamber of Commerce is joining other Provincial Chambers voicing opposition to proposed tax changes that will impact small businesses.
On July 18, the federal government announced revisions that would close “loopholes” that they said would then make the tax system fairer.
The Chamber is concerned about the impact these proposed changes would have, not just on large corporations but on small and medium enterprises right across the country.
“Nobody supports tax evasion or loopholes”, said Allan Asaph, Executive Director.
“But these changes will punish legitimate businesses. And, they come after the government cancelled reductions in the small business tax rate, tightened rules on partnerships and stated taxing work in progress.

“TAX ADVISORY
Call To Action – Contact Your MP NOW!

Are you a business owner?

Tax reforms announced by the Federal government in July are going to place an extra burden on many Small and Medium size businesses. These intended changes were to target high income earners, but the reality is this impacts all business owners of all levels.

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.
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.

As part of the Coalition for Small Business Tax Fairness a detailed letter was sent to Finance Minister Morneau outlining our concerns. The Canadian Chamber is a signatory of the letter and a copy is available here: Morneau Letter (link below)

http://files.constantcontact.com/…/27c76fb9-e6db-4cee-ad6f-…

The Abbotsford Chamber together with 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. Tell your story!

Click here for a sample letter that you can use to send to your MP by mail or email: Sample MP Letter (link below)

r20.rs6.net/tn.jsp

MP Ed Fast
Abbotsford ,
House of Commons
Ottawa, Ontario Canada
K1A 0A6
email: ed.fast@parl.gc.ca

MP Jati Sidhu
Mission, Matsqui
Fraser Canyon
House of Commons
Ottawa, Ontario Canada
K1A 0A6
email: Jati.Sidhu@parl.gc.ca

Send a message to your MP today. Government needs to know that this tax reform will harm businesses of all sizes.”

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