On July 18, Minister of Finance Bill Morneau announced his intention to close tax “loopholes” that allow wealthy Canadians to avoid higher tax rates. The proposed measures include closing the loophole of business owners “sprinkling” their total income among family members who sit in lower income tax brackets; taxpayers using private corporations as a substitute for a regular savings account; and taxpayers converting a private corporation’s regular income into capital gains. The government is launching a 75-day public consultation on the proposed measures.
While I agree that Canada’s tax system should be fair, I am concerned that the proposed changes may negatively impact hardworking small and medium-sized business owners who play by the rules and create jobs in our communities.
I believe that we should support policies that reduce the tax burden for small and medium-sized businesses, reduce government red tape and allow entrepreneurs to create jobs in their communities.
How can you help?
Join me by participating in the consultation process to ensure that the voices of hardworking business owners are heard. We know that Liberal tax hikes are making it more difficult for entrepreneurs to maintain and grow their businesses. And we also know Justin Trudeau’s position on small and medium-sized businesses. During the election campaign, Trudeau stated that a "significant proportion" of small businesses serve as a screen for wealthy Canadians who want to avoid paying taxes.
If these changes will affect you and your family, I encourage you to join me at my town hall.
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