Friday, September 22, 2017

BUSINESS SEEKS PROVINCIAL SUPPORT

Small business calls on provinces to join campaign against unfair federal tax proposals
Winnipeg, September 22, 2017 – The Canadian Federation of Independent Business (CFIB) is urging Canada’s premiers to join small business owners in the fight against the federal government’s tax proposals. As part of this effort, CFIB president Dan Kelly is in Winnipeg today to meet with the Manitoba government about the proposed changes.
“Over the past decade, most provincial governments have worked hard to lower small business corporate tax rates to encourage job growth, investment and innovation,” said Kelly.  “Unfortunately, these positive provincial actions may soon be undone by federal proposals, which will dramatically change the way that small businesses are taxed in Canada.”
The federal government has proposed major changes to rules governing how business owners share income with family members, save through the business, and address capital gains during business succession. In a recent CFIB survey, nearly 90 per cent of small business owners indicated that these changes will significantly affect their businesses.  
CFIB is pleased that several premiers have already publicly expressed concerns about the proposed changes, including the impact on job creation and on rural communities’ ability to attract and retain health care professionals. These changes would also affect the provinces, as the Canada Revenue Agency collects provincial corporate income taxes on behalf of eight of them.
“We are urging all premiers to join us in asking the federal government to take these proposals off the table until they conduct a comprehensive consultation with the business community and provincial governments,” added Kelly.

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