Addressing unclear and unfair tax changes still top priority for business in upcoming federal budget
Toronto, February 14, 2018 – Tax fairness for small businesses and the need for greater clarity around a suite of proposed tax changes are top of mind for business owners across the country heading into the 2018 budget, writes the Coalition for Small Business Tax Fairness in a new letter to Finance Minister Bill Morneau.
“While the small business community recognizes that government made some improvements to its tax proposals last fall, the confusion and worry remain very high,” said Dan Kelly, president of the Canadian Federation of Independent Business (CFIB). “Virtually no business owner understands the new income sprinkling rules that are now in place and, at the same time, the business community is bracing for passive investment changes expected in the upcoming budget.”
The Coalition is deeply concerned that changes to tax rules for passive investments may severely limit small businesses’ ability to save for large investments, creating a significant barrier to innovation and growth.