Proposed Changes to Federal TaxThe Department of Finance Canada is considering changes to how businesses will be taxed. As part of our advocacy and value proposition to our members, we want to ensure that you are aware of all aspects of the proposed changes, and how it will affect different industries.If your business is incorporated, 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.What can you do?
We are asking you to speak out, send a letter and be a voice against these proposed changes.Below is a template letter that we would like our Small and Medium Business members to send to our local MP's as soon as possible. Take a few minutes and tell your story and make sure that your voice is heard; together we can make sure that the government listens to Small and Medium Business owners.Langley MP's contact info:If you have any further questions regarding this or other advocacy issues please contact our Executive Director, Colleen Clark.