Proposed Tax Changes Harm Business Owners
It is no secret the federal government has introduced far sweeping tax proposals to change to the Income Tax Act that will have an adverse effect on small business owners and professionals using a professional corporation structure to carry on their practice.
The proposed changes are a slap in the face to the hard working business owner who has risked so much to build a business. They have chosen to do so with an understanding of the tax regime that would allow them to be fairly rewarded for their risk and hard work. All the while, they have paid vacation pay, employment insurance, CPP, severance (if required) along with all the other taxes that need to be paid and that are a far cry from what a civil servant or employee of a large corporation is required to pay.
What is now being proposed is clearly written by senior government employees who take no risk and yet are rewarded with guaranteed pensions and health plans that the small business owner could not afford.
ConductLaw, on behalf of ourselves and our clients, is working with the Coalition for Small Business Tax Fairness, and has added its signature to a letter sent to the Finance Minister on behalf of the Coalition expressing concerns with the proposed changes.
There is more that can be done. We invite our clients and readers to provide further support and make their disdain for the proposed tax changes known by:
1. Signing the petition (http://www.cfib-fcei.ca/english/article/9614-tax-change-petition.html) from the Canadian Federation of Independent Business;
2. Taking part in the social media debate (Facebook, Twitter, LinkedIn, etc.) using the hashtags #unfairtaxchanges #taxesinéquitables in all social media posts;
3. Telephoning or writing or emailing your local MP to make your concerns known; and/or
4. making your own submission to the Department of Finance by e-mailing them at: firstname.lastname@example.org.
Conduct Law is an Ottawa based business law firm with locations in Ottawa, Barrhaven and Kanata. Our professionals are experienced business lawyers who can help with corporate, commercial real estate, liens, incorporations, trademarking or implementing corporate structures that manage tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other type of legal entity.
Feel free to call or write one of our professionals at email@example.com or 613.440.4888 for all of your business, commercial, real estate and estate planning needs.