The Leduc Regional Chamber of Commerce is 'In business for business' and supports economic growth so our members can thrive. We work to advocate on your behalf municipally, provincially, and federally while you are running your business.
Small Business Tax Changes
In early July, the Government of Canada announced some of the most sweeping changes to business tax laws seen in 50 years – a set of three major tax changes for small business:
- Limiting income-splitting
- Higher tax rate on passive investments
- Limiting the conversion of regular income into capital gains.
The rules would apply to all incorporated businesses in Canada, most of whom are restaurants, retailers, farmers and consultants—to punish them for saving and investing. Two thirds of small business owners earn less than $73,000 per year and half of those earn less than $33,000. And a majority of small businesses in Canada employ family members.
Since the announcement of proposed small business tax changes, Chambers have been actively fighting for business: working to extend the consultation and making sure the government understands the negative impact they will have on legitimate small businesses. On September 24, at the Canadian Chambers of Commerce Policy Sessions, Chambers confirmed their support of tax fairness for Canadians by recommending that the federal government take a balanced approach to tax reform by establishing a Royal Commission to review the taxing statutes. Federal Finance Minister, Bill Morneau said the government won't change course on the proposed tax changes and the period for public comment closes on October 2, but our fight goes on. Watch Global News interview with Canadian Chamber CEO Perrin Beatty
We encourage you to:
- WRITE: Directly submit a written brief HERE
- VIDEO: Help us create a viral video telling your story like THIS to be shared by the national campaign CONTACT US
- ATTEND: Small Business Tax Pancakes & Politics with MNP LLP tax specialists on November 15 HERE
- CLICK: visit our NEW Hot Button Issue Page for more info HERE