TRURO – Ensuring changes in small business tax rules do not harm business growth remains a priority for the Truro & Colchester Chamber of Commerce.
As the “Voice of Business” in Truro and Colchester, advocating on behalf of more than 400 members, the Chamber has been actively lobbying the federal government to pause its proposed tax changes impacting our member businesses and take a more comprehensive look at the entire Canadian Tax system.
“We were happy to learn the government has lowered the small business tax to 10 per cent this year, with future reductions planned that will allow business to invest, prosper and grow,” said Chamber President Alex Stevenson. “However, as the voice of business we continue to follow the developments around the tax policy issue to ensure it is fair for small business to protect growth.”
In a letter sent to Finance Minister Bill Morneau in December, the Chamber recommended a broad consultation of pending changes with tax professionals and businesses, encompassing jurisdictional, profession and sector variations. It was further recommended any proposed tax change be supported by data that quantifies economic impact.
The Chamber recently received a response from the Minister’s office.
“The Government is committed to addressing any unintended consequences of these measures and is focused on supporting Canada’s hard-working, middle-class small business owners, while targeting unfair advantages that largely benefit the wealthiest Canadians,” Elliot Hughes, Deputy Director – Tax Policy, from the Minister of Finance’s office, wrote in the letter.
Hughes outlined actions the government has taken to support small business, such as lowering the small business tax rate. The Deputy Director also shared details of the government’s position regarding changes to its income sprinkling policy, passive investment, conversion of income into Capital Gains and support for small business and entrepreneurs.
The Chamber invites the business community to read the Minister’s letter on its website (www.trurocolchesterchamber.com ) and to provide input on the impacts of the developing tax policy changes.
The Truro & Colchester Chamber of Commerce is the vital connection between business and all levels of government. It helps shape public policy and decision-making to the benefit of businesses, communities and families. Representing more than 400 members it is the local voice for business connected to both the national and Atlantic chambers of commerce.