Consultation Process Submission – Tax Planning using Private Corporations

Oct 2, 2017 | News

Chambers of Commerce and members from coast to coast to coast have submitted comments to the Federal Finance Consultation Process

North Bay, ON – October 2, 2017 – Today, along with many others across the country, the North Bay & District Chamber of Commerce has submitted comments to the Federal Finance Ministry regarding the short consultation process regarding the proposed changes to the Tax Planning using Private Corporations.

President and CEO, Peter Chirico stated “these are unprecidented changes to the current taxation of corporations across Canada, and will have unintended consequences to small businesses that were encouraged to incorporate to ensure reinvestment in business, planning for ups and downs in the economy, and to encourage entrepreneurs to employ others and grow their businesses.  Now, the government is stating that these business owners are using loopholes and are not paying their fair share of taxation.”

Businesses in North Bay and district, and right across the country are concerned with these proposed changes and the timing in which the government has provided little to no consultation on such a big issue.  The government has stated that they will not extend the consultation period past these past 75 days but there is still time for businesses to contact or write to their local MP on how this will affect their business.

Chirico noted “we take great exception to these hard-working individuals and their families being viewed as paying less than their fair share.”  The Canadian economy is made up of 85% to 90% of SMEs; the economic engine of the country.  While the government is trying to reach the top 1% that the government feels aren’t providing their fair share of taxes to the economy; they inadvertantly are going to hurt the middle class, business owners and families that provide the majority of employment across the country.

The submission by the North Bay & District Chamber of Commerce can be found at: