Minister Morneau insists tax changes are only for a few wealthy people

by in Canadian Government News and Updates
Minister Morneau insists tax changes are only for a few wealthy people
Last week, Finance Minister Bill Morneau released a statement to calm the growing fears on the proposed tax changes among small business owners. 

In the statement, Minister Morneau issued a list of five principles to calm those opposed to the tax changes aimed to address the tax planning strategies used by private corporations:

1.    Support small businesses
2.    Keep small business taxes low while supporting owners who invest and create jobs
3.    Avoid creating unnecessary red tape for small businesses
4.    Recognize the importance of family farms and ensure tax changes do not affect the transfer of family businesses to the next generation
5.    Ensure any changes to the tax system promote gender equity

Minister Morneau insists that the proposed tax changes will only affect a few wealthy people, saying that 83% of passive investment income is earned by small business owners making more than $250,000 with about 70% of these being men.

As the public consultations have already ended, we do hope that the Federal Government will listen to the majority of small business owners who have expressed their concerns regarding the tax changes. We can only wait for now on what the government’s next move will be.  We, at KD, as always, will keep you posted!

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Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.


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