Proposed Federal Tax Changes…..where is the fairness?

Sep 19, 2017 | News, President & CEO News Articles

This past week we have been reading numerous articles and various opinions regarding the proposed Federal Tax changes, as they relate to small business owners across Canada.  To date, we have not seen one article or read one post, that indicated support of these changes, with the exception of a few politicians.

Many the letters that we have read, primarily from small business owners have asked the Government as to “where is the fairness, in these changes proposed?”  One letter in particular, from a family run business asked some very hard questions as to the logic and especially the fairness in these policies propose.

The writer also expressed a sense of being labelled as a tax cheater as the Government has made the statement that they want to close up the “loop holes” in the tax system.  These are not loop holes, these are the present rules that the Government had set out previously and now wish to tax.  Small business follows the rules.  As one writer stated, “He didn’t know of one small business owner that had a private jet, endless vacations or private island vacations”.

The Government needs to know that the small business owners who make up the majority of employment in our country, risk everything and they are the ones that create employment.  The continued assault on the small business community via taxes, increased wage demands and little incentive to create employment are going to create long lasting negative ramifications and possibly drive the economy underground.  No one wins if this takes place.

The business community is getting tired.  They take all the risk, invest in their companies and hope that when they decide to retire and if they can sell or transfer their business to their family, there is something left in the pot!  That is their retirement income and feel that the Government does not get that and the present proposals are going to erode that savings even further.  Entrepreneurs and small businesses need incentive to grow and create employment.

One of the business owners who also made his views known, stressed the point that entrepreneurs and small business owners do not belong to a private club.  Anyone can join and open a business but also questions why anyone would, with the changes that are being made.  From the Chamber’s point of view, the writer totally agrees.  It is imperative that our MP communicates these messages to the Minister and adds his voice to the growing number of his colleagues that recognize that this proposed legislation and tax grab will be the last straw for some and we cannot afford any further job losses in Canada.

Peter Chirico is the President & CEO of the North Bay & District Chamber of Commerce.