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Aug 31, 2017

CONCERN GROWS OVER PROPOSED FEDERAL TAX POLICY CHANGES

Kelowna: The Kelowna Chamber of Commerce continues to work on behalf of our members in raising concern over the proposed tax policy changes by the federal government, and is pleased to hear of the formation of the Coalition for Small Business Tax Fairness
 
"We along with our partners at the Canadian Chamber know how important this issue is to hundreds of thousands of small business owners across the country, and we're pleased the Canadian Chamber has brought together 34 other national organizations to form a coalition that will provide a unified voice in opposition to the government's tax proposals," says Tom Dyas, Kelowna Chamber President.  "We are hearing from our members and from others across the country that these changes would have a massive and unfair negative impact on many small family-owned businesses, the very people who fuel entrepreneurship and drive innovation in the country."
If implemented, the proposals will restrict small business owners from sharing income with family members; limit certain forms of saving in the business, making the firm more vulnerable in bad economic times and less able to innovate and grow; and change capital gains rules which could make it more difficult for business owners to transfer their business to the next generation.
 
Perrin Beatty, President and CEO of the Canadian Chamber of Commerce added "In 10 years at the Canadian Chamber, I've never seen an issue that has generated greater concern amongst our members. 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." 
 
The 35 business groups, on behalf of the hundreds of thousands of members they represent, have presented a letter to Finance Minister Bill Morneau asking the government to take these proposals off the table and instead meet with the business community to address any shortcomings in tax policy affecting private corporations.
 
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For more information:
Tom Dyas                                                                          Andy Radia
President                                                                          Media Relations Specialist
Kelowna Chamber of Commerce                                     Canadian Chamber of Commerce
250-861-3627                                                                   647-464-2814