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Proposed tax changes miss the boat on financial security

Proposed tax changes miss the boat on financial security

Proposed tax changes miss the boat on financial security for all

Source: The Globe and Mail
Author: Tim Cestnick

The proposed changes are supposed to “level the playing field” by ensuring that business owners don’t have advantages that employees can’t access, making the system “fairer.” But what if business owners are left worse off than employees earning the same level of income?

 Here’s the real question: Can a business owner secure his or her own financial future as well as an employee under these proposed changes? Forget for a minute about differences in taxes paid annually by business owners and employees. Let’s talk about the ability to create similar levels of financial security over the long term.

Can a business owner and employee accumulate similar amounts for retirement? All other things being equal, can they both make ends meet to the same age? After all, the pursuit of financial security should be equally available to all. And it’s this real-life impact that the Department of Finance, focusing on short-term tax differences, has failed to calculate. The government has missed the boat entirely on the question of equal financial security with these proposals.

Read the full article here.

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