The Minister of Finance has released a proposal entitled “Tax Planning Using Private Corporations” which proposes to limit sharing business income with family members and to raise taxes on investments (passive income) held by businesses;
Medical doctors (MDs) in Canada are largely self-employed and thus do not have the medical and dental benefits, paid vacation, parental leave, sick leave and pension plans enjoyed by other government employees;
Medical Professional Corporations (MPCs) provide a vehicle for MDs to plan for retirement and to provide benefits for themselves and their families which are considered standard for other government employees;
MPCs are small businesses with significant overhead costs;
MPCs employ and provide benefits for a significant number of Canadians;
Unlike other corporations, MPCs are unable to pass increasing costs (tax and otherwise) along to clients, as the fee schedule is set by the government; and
Obstructing the ability for MDs to plan for retirement and provide benefits and security for their families may drive some to leave Canada.
We, the undersigned, the Medical Doctors of Canada, call upon the Minister of Finance to abandon his proposed changes in the “Tax Planning Using Private Corporations” proposal and to publicly commit to not raising taxes on small business owners which would adversely affect all Canadians. If the Minister of Finance decides to go ahead with proposed tax changes impacting Private Corporations, MDs should be offered government benefits, job security and pensions reflecting the education, training and the sacrifice necessary to enter their profession as well as the number of hours worked (overtime, evenings, nights and weekends) to serve their communities.
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