The Federal Government has proposed the most radical tax overhaul in 50 years, specifically targeting
privately held corporations
with troubling implications for businesses ability to invest money back into their company, prepare for a rainy day, or pass along a business to their children.
"We did not receive any new information or assurance about the potentially crippling effects his tax reforms could have on small and medium-sized enterprises," said the Hon.
, President and CEO of the Canadian Chamber.
"In speaking with our network of more than 200,000 businesses, it is the farmers, mom and pop shops, and entrepreneurs who invested everything into their businesses who are the most scared of the government's proposed tax changes," Mr. Beatty said. "The government has not answered their concerns today. It has left them high and dry, wondering how they will survive if the weather or the economy takes a turn for the worse."
In response, the Canadian Chamber of Commerce, including representatives from Lethbridge, passed a landmark resolution asking the Federal Government to:
1. Extend the current consultation period beyond October 2, 2017 to ensure broad participation by Canada’s SME community.
2. Establish a
to undertake a comprehensive review of taxing statutes guided by the principles of simplification and modernization, as well as having the goal of reducing compliance costs to make Canada a competitive tax regime once again.
3. Establish a standing committee, with active representation from the SME community to support the commission by continuously monitor changes and publicly report progress at least annually.
This is an issue where the power of the network can affect change if we all work together and use our voice of business. Finance Minister Bill Morneau has told us that he's listening, so now is the time to make our voice heard.
The window of opportunity is fast with October 2nd being the last day. This is an issue where the power of the network can affect change if we all work together. The Minister says he is listening, so lets make sure we speak out.