Tax Changes Worry Small Business OwnersOctober 13, 2017 7:42am
Small businesses are calling for a change to recent tax measures proposed by the federal government.
Around 50 people from the community gathered Thursday night to talk about their concerns with this new legislation proposed by the Trudeau Liberals in July.
The plan would close income splitting loopholes that allow wealthy Canadians to avoid higher tax rates by distributing money to family members who earn less and are taxed lower. Some entrepreneurs in attendance expressed that they’ll be closing their doors if this legislation passes.
“Small business owners are going to have a very hard time competing,” says one local entrepreneur. “Many people in Canada are employed by small businesses, and if these businesses cut costs, that could result in less jobs.”
The plan could be rolled out as early as the fall economic update, however those who oppose this legislation, are doing everything they can to stop that from happening.
“The beginning tones that came from the Liberal Government were very insulting remarks about wealthy people taking advantage of loopholes,” says Conservative Sarnia-Lambton MP Marilyn Gladu. “I think you’ve seen the rhetoric change, and the government is now listening and consulting with Canadians.”
Gladu went on to say that these changes could strongly affect the number of doctors that stay in Canada.