By Nikki Jamieson
Sunny South News
Residents of the federal Lethbridge riding will have a chance to have their voices heard today on the proposed tax reforms.
In a town hall meeting, Lethbridge MP Rachael Harder is inviting business owners to come and voice their concerns on the proposed small business tax changes.
“I’ve been hearing a lot of concern from local residents about the Liberals’ proposed tax changes. These changes will have a huge impact on the ability of incorporated farms to invest for the future, or to transfer these farms to the next generation,” said Harder.
“I want to give all small business owners the opportunity to express their concerns and share how these changes will impact them and their families. It’s absolutely vital for the people of my riding to be given a voice on this issue.”
Back in July, the Finance Minister’s, Bill Morneau, office announced plans to eliminate three tax avoidance loopholes that they said were often used by people with private incorporations.
“In Budget 2017, the Government signaled its intention to address specific tax planning strategies involving the use of private corporations—strategies that can result in high-income individuals gaining tax advantages that are not available to most Canadians. Over the last decade, the number of such private corporations has increased substantially and evidence indicates that a significant share of taxable income has been shifted from the personal to the corporate tax base,” reads the Tax Planning Using Private Corporations report, released by the Department of Finance.
Those three loopholes were sprinkling income using private corporations, holding a passive investment portfolio inside a private corporation and converting a private corporation’s regular income into capital gains.
However, since its announcement, the federal Liberal government has come under fire from small business owners, from doctors to farmers, criticizing the proposed changes, with its opponents defending income splitting in particular.
The town hall meeting is being held on Tuesday, Sept. 12, from 6:30-8:30 p.m. at the General Stewart Legion Branch No.4 at 324 Mayor Magrath Drive S in Lethbridge.