Drop tax proposals aimed at business, urges coalition

Across the country, 35 organizations have united to form the Coalition for Small Business Tax Fairness, which opposes the federal government’s tax proposals that could potentially affect all Canadian-controlled private corporations.

Read: How proposed tax changes target income sprinkling

Participating groups in the coalition include Advocis, the Canadian Institute of Financial Planners, the Conference for Advanced Life Underwriting, Independent Financial Brokers of Canada and the National Exempt Market Association.

Read: Urgent: Talk to business clients ahead of income sprinkling measures

Concerned Canadians can comment on the proposals at fin.consultation.fin@canada.ca, but they have only until October 2.

“In 10 years at the Canadian Chamber, I’ve never seen an issue that has generated greater concern among our members,” says coalition member Perrin Beatty, president and CEO of the Canadian Chamber of Commerce, in a release. “To make matters worse, allotting only 75 days for comment in the midst of the summer holidays is not a consultation. It’s a stealth attack on farmers and family businesses.”

He says most of the chamber’s 200,000 members are small and medium-sized entreprises, and they’ll be contacting their MPs to say the proposals must be scrapped.

The coalition has presented a letter to Finance Minister Bill Morneau asking the government to take the proposals off the table and instead meet with the business community to address any shortcomings in tax policy affecting private corporations.

Also read:

Senate could study small biz tax proposals

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.