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BC Chamber

Proposed Tax Changes Will Affect Small Businesses

Posted by: FernieChamber
Thursday, August 24, 2017

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. 

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.

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

Fernie’s Member of Parliament is:

Wayne Stetski

wayne.stetski@parl.gc.ca

Suite B--111 7th Avenue South, Cranbrook, BC V1C 2J3

Phone: 250-417-2250

Fax: 250-417-2253


What you can do: 

Write a letter to our Member of Parliament and be sure to include how these changes will affect your business. The Chamber has prepared a template letter to help you get started. 

What the Chamber is doing to help small businesses: 

The power of the Chamber network is it's numbers. Local and Provincial Chambers across the country are collecting letters and talking to elected officials. The Canadian Chamber of Commerce team are in Ottawa working on this topic for all members. 

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