On July 18, 2017, a consultation was launched regarding major proposed changes to the taxation of private corporations;
These changes are proposed to ensure the “richest Canadians pay their fair share of taxes and that people in similar circumstances pay similar amounts of tax.”;
Small business is vital. Most private corporations will be affected by these changes to some, if not a significant, degree. Tax burdens for some will greatly rise, retirement planning will be affected, and significant administration, complexity and uncertainty will be introduced. Such proposals will impact the core of small business, compliance and tax planning as it has been practiced since 1972;
If not examined appropriately, small and medium enterprises, along with their 10.5 million employees, may suffer greatly; and
Given the importance of small business and entrepreneurial spirit to the Canadian economy, and Canada as a whole, a more in-depth and significant process is needed. We request that the consultation be given the diligence and respect its complexity, and pervasive impact on Canadian business, merits.
We, the undersigned, citizens of Canada, call upon the Minister of Finance to: (a) extend the consultation submission period significantly beyond its scheduled 75 days; (b) make the provisions effective, at the earliest, after being passed into law; and (c) provide documentation identifying the significant concerns raised in the consultation with alternatives for amendments to the legislation or detailed explanation as to why none is merited.
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