Federal Finance Minister Bill Morneau’s proposed changes to small business taxes will be one of the most dramatic changes in our tax system in 45 years, and the Feds wants to ram it through in 75 days.
If adopted, these changes would mean a dramatic tax hike for millions of Canadians and impact countless small businesses. Though the government claims the changes will reduce the “unfair tax advantages” given to small business, these changes do not account for the higher risks and costs associated with being a small business owner.
Owners do not have guaranteed salary and benefits like their employees such as paid vacations, sick pay, severance and overtime pay. Small Business owners only make money if their business makes money.
Though a business may supply health benefits to its employees, the small business owners must pay for such benefits out of their own pockets.
As well, small business owners are putting their money at risk when they invest in a small business. If their small business goes bankrupt, the government does not step in to provide financial assistance.
For a government that insists it is looking out for the middle class, the victims of these policy changes will not be wealthy millionaires working on Bay St. The victims will be the very people this government claims it is trying to help: mom and pop operations in small towns across the country, including farmers, mechanics and electricians. Are these really the people the government wants to castigate as tax villains – right before they help put them out of business?
Get involved as we fight to end this attack on the middle class.
Click here to learn more about the Coalition for Small Business Tax Fairness, which the CTF has joined to fight these changes.
CTF launches air attack on Parliament Hill against the small business tax increase (September 18, 2017
|Plane taking off with our banner
|Our banner flying over the House of Commons
|CTF Federal Director Aaron Wudrick answering media questions
|Plane making another loop over Parliament Hill as MPs gathered for the fall sitting