Be Alarmed ! Taxation not Confiscation
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Finance Minister Bill Morneau has tabled legislation that will dramatically alter the tax regime for families, privately owned companies and professionals.
The potential adverse consequences of this legislation are only now coming to light as it was released during the summer vacation period.
Individual entrepreneurs and professionals will be taxed up to 73% on investment income paid to them from their companies. Companies will be penalized for preserving capital even if required to do so by their bank.
Families will be taxed at the highest rate of the chief bread-winner and tax inspectors will have the discretion to decide what is fair compensation for a stay at home spouse.
Corporate assets left to the next generation will be potentially triple taxed thus ruining family businesses when they are being passed on to the next generation.
This is the biggest tax grab and it is the most draconian tax legislation ever proposed in Canadian history.
Without the potential for profit business owners will not take the risk of investing their money.
We will lose our entrepreneurs and the jobs they create.
Bill Morneau intends to introduce the legislation by October 2, 2017.
Canadians will be adversely affected if this onerous tax bill passes.
An email to Bill Morneau firstname.lastname@example.org and Justin Trudeau Justin.email@example.com will also help.
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