by Morinville News Staff
Proposed Federal tax changes that impact farms and small business are the topics of a free information session at Cardiff Hall on Sept. 19. The event takes place at 7 p.m.
The St. Albert and Morinville Chambers of Commerce are partnering to put on the event as well as Sturgeon County and Kingston – Ross – Pasnak LLP.
Experts from Kingston Ross Pasnak LLP Edmonton will provide information about significant proposed changes to federal tax legislation that impact area farmers and local businesses.
Opponents of the federal government’s current tax proposals say the Liberal’s changes would dramatically change the way incorporated small businesses are taxed in Canada.
“These proposals, while intended to target the wealthy, will hurt middle-class business owners from every sector of the economy,” said Dan Kelly, President of the Canadian Federation of Independent Business (CFIB) and member of the Coalition for Small Business Tax Fairness. “These are shop owners, farmers, doctors, financial planners, home builders and trades in all sectors — the entrepreneurial families who are the backbone of the economy and responsible for the majority of the job creation in Canada. Our coming together highlights the urgency of combatting these proposals which, if legislated, would signify the biggest changes to the business tax system in decades.”
If implemented, the government’s proposals would restrict small business owners from sharing income with family members. Changes also limit certain forms of saving in the business, making the company more vulnerable in bad economic times and less able to innovate and grow. Additionally, capital gains rules will change, which could make it more difficult for business owners to transfer their business to the next generation.
The Canadian Federation of Independent Business announced last week that the coalition fighting tax changes added several members and was gaining momentum.
The Coalition for Small Business Tax Fairness now includes 42 business groups representing hundreds of thousands of business owners across Canada. The new groups include Agricultural Manufacturers of Canada, Association of Consulting Engineering Companies, Canadian Institute of Steel Construction, Canadian Pharmacists Association, Canadian Veterinary Association, Merit Canada, and the Western Canadian Wheat Growers Association.
Details on the Sept. 19 session are online at StAlbertChamber.com.