Today's News |
CATA to Help Lead Broad-Based Coalition for Tax Policies Supportive of Entrepreneurship and Innovation
Friday, September 8, 2017Company Profile | Follow Company
Ottawa, ON, September 8, 2017--(T-Net)--35 organizations from across the country have come together to form the Coalition for Small Business Tax Fairness — a unified voice to oppose the federal government's tax proposals that 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. These are shopowners, farmers, doctors, financial planners, homebuilders 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,” said Dan Kelly, President of the Canadian Federation of Independent Business (CFIB) and member of the Coalition.
“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.”
“In ten years at the Canadian Chamber, I've never seen an issue that has generated greater concern among our members. To make matters worse, allotting only 75 days for comment in the midst of the summer holidays is not a consultation, it's a stealth attack on farmers and family businesses. The vast majority of our network's more than 200,000 members across Canada are SMEs. They will be contacting their MPs to say that these proposals must be scrapped and replaced with measures that support Canada's entrepreneurs,” added Perrin Beatty, President and CEO of the Canadian Chamber of Commerce.
If implemented, the proposals will restrict small business owners from sharing income with family members; limit certain forms of saving in the business, making the firm more vulnerable in bad economic times and less able to innovate and grow; and change capital gains rules which could make it more difficult for business owners to transfer their business to the next generation.
The 35 business groups — on behalf of the hundreds of thousands of members they represent — have presented a letter to Finance Minister Bill Morneau asking the government to take these proposals off the table and instead meet with the business community to address any shortcomings in tax policy affecting private corporations.
Signatories of the letter include:
Advocis - Financial Advisors Association of Canada Canadian Advanced Technology Alliance Canadian Association of Farm Advisors Canadian Association of Management Consultants Canadian Association of Optometrists Canadian Association of Radiologists Canadian Bar Association Canadian Cattlemen's Association Canadian Chamber of Commerce Canadian Construction Association Canadian Dental Association Canadian Federation of Agriculture Canadian Home Builders' Association Canadian Horticultural Council Canadian Institute of Financial Planners Canadian Institute of Heating and Plumbing Canadian Medical Association |
Canadian Mortgage Brokers Association Canadian Pork Council Canadian Taxpayers Federation Canadian Water Quality Association Coalition of Ontario Doctors Conference for Advanced Life Underwriting Family Enterprise Xchange Federation of Ontario Law Associations Grain Farmers of Ontario Grain Growers of Canada Independent Financial Brokers of Canada Mechanical Contractors Association of Canada National Exempt Market Association Ontario Association of Radiologists Ontario Medical Association Restaurants Canada Retail Council of Canada |
The Coalition for Small Business Tax Fairness is encouraging those concerned about these changes to contact their Members of Parliament and use the hashtags #unfairtaxchanges #taxesinéquitables on social media.
“These complex proposed changes will very much impact investment and growth in the ITC sector, one of the most robust sectors in Canada; and the rushed consultation process this summer is counterproductive to creating effective tax policy and is unacceptable to us.” said John Reid, CEO, Canadian Advanced Technology Alliance
“Tax fairness is an important goal, but such sweeping proposals will have serious unintended consequences and warrant far more than a brief consultation period. To get it right, the Minister needs to slow down.” said Aaron Wudrick, Federal Director, Canadian Taxpayers Federation
“There are hundreds of thousands of small and medium sized family businesses in our country, most of them middle class Canadians, who are the backbone of our economy and responsible for the majority of job creation. These federal tax proposals send a very negative message to these family businesses about the nature and importance of their role in our economy.” — Bill Brushett, President & CEO, Family Enterprise Xchange
“We support going after tax avoidance but it is important not to sweep up legitimate business arrangements along the way, for example, the payment of incomes to family members. There's a reason why they are called family businesses, because of the involvement of family in all aspects of operations, both formal and informal and in the sharing of risk.” — Diane J. Brisebois, President and CEO, Retail Council of Canada
About CATAAlliance
The Canadian Advanced Technology Alliance (CATAAlliance) is Canada's One Voice for Innovation Lobby Group, and is crowdsourcing ideas and guidance from thousands of opt in members in moderated social networks in Canada and key global markets. (No Tech Firm Left Behind)
Contact:
CATAAlliance CEO, John Reid at email jreid@cata.ca, tel: 613-699-8209, website: www.cata.ca, tags: Innovation. Leadership, Entrepreneurship, Advocacy
Company Snapshot |
||
Canadian Advanced Technology Alliance (CATAAlliance)
Ottawa, ON (Non-Tech Sectors)
|
Other Recent Company News |
||||||||||
|