A new organization called the Coalition for Small Business Tax Fairness has formed to oppose the federal government's tax proposals that would change the way incorporated small businesses are taxed in Canada.
The Coalition announced Aug. 31 that it has gathered together some 42 members, including financial services industry members, such as Advocis – Financial Advisors Association of Canada; Conference for Advanced Life Underwriting (CALU); Family Enterprise Xchange; Canadian Mortgage Brokers Association; Independent Financial Brokers of Canada and the Canadian Institute of Financial Planners.
Will hurt middle-class business owners
"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."
Stealth attack on family businesses
"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.
The Coalition has 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.