The Cranbrook Chamber of Commerce says proposed changes to federal tax reforms could mean less impact on family-owned businesses.
The Trudeau government proposed lowering the rate for small business, after introducing legislation this summer on income sprinkling and taxation.
Executive Director David Hull says he welcomes the change, but he hopes the government will listen to other concerns from entrepreneurs.
“The Minister has promised to have a longer look at proposed changes, take some of the areas that were huge sticking points to the business community and look at revamping them,” Hull says. “Frankly, this shouldn’t have taken an uprising of monumental proportions across Canada for the government to see that this is not how you bring in the biggest tax changes in over 45 years.”
The Federal Government originally slated 75 days for feedback on this issue.
They are now calling for further input from Canadian businesses.
Hull says Canadians need to keep the pressure on the government to make sure the biggest tax changes proposed in 45 years are well thought out.
“The last major changes to the tax act took four years of consultation and four years of implementation,” Hull says. “To propose huge changes after a consultation period that took place over the middle of summer was just so disingenuous. It really was shocking.”
The Finance Minister announced they would crack down on business owners using ‘income sprinkling’ through tax reform.
Entrepreneurs have spoke out, claiming the changes would harm family-owned businesses.
– Cranbrook Chamber of Commerce Executive Director, David Hull