Today, I appeared before the House of Commons Standing Committee on Finance as part of pre-budget consultations in advance of the 2018 federal budget. The Committee was in St. John’s Newfoundland, a province that has been struggling to gain economic momentum. Employment is down for the third consecutive year and the jobless rate now sits at a seven-year high. Promoting the growth of small businesses and encouraging entrepreneurs to start up business is a high priority not only in this region, but across Canada.
Monthly Archives: October 2017
On July 18, 2017, the federal government unveiled proposed changes to address tax planning strategies involving the use of private corporations. The government is concerned that so-called wealthy Canadians are exploiting tax “loopholes” and the tax system must be made more fair. This is highly misleading. Business owners are following existing tax rules that are legislated, clear and in effect for decades.
The tax proposals have created a firestorm of protest. In my latest Letter from the President, I focus on the proposed tax treatment of passive investment income in private corporations and the potential … Continue reading