NYDC Urges Federal Liberals To Reverse Proposed Changes To Corporations
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To the members of the New and Young Dentist Study Club:
On July 18th, 2017, the Federal Finance Minister Bill Morneau announced proposed changes to the regulations surrounding the taxation structure for small business owners. The proposed changes will negatively and irreparably impact all members of the NYDC, practicing dentists in all of Canada, and any incorporated small business owner. As dentists, we entered our profession with a passion to improve the oral health of all Canadians, while securing a stable income. As New and Young Dentists, we will have a lasting positive impact on the health of all Canadians for decades to come. However, as New and Young Dentists we are also at the forefront of all the economic challenges of setting up and maintaining practices in our profession, especially in current times.
Here is our letter to Mr. Morneau and Mr. Trudeau, requesting that the proposed changes to corporations be struck down. Please sign to show your support. Anybody can sign. If you are Canadian, and this speaks to you, please sign to support the New and Young Dentists of Calgary, and all dentists of Canada in securing the future and well-being of oral health for all Canadians.
To Mr. Morneau and Mr. Trudeau:
We, the New and Young Dentists of Calgary, are a well-educated, committed, and passionate group of health care professionals that strive to promote and maintain the optimal oral health of all citizens. In doing so, we make a substantial contribution to the local, provincial, and national economy. Many of us are also the primary or sole income-earners in our households. In addition, many of us support extended family and/or elderly parents. We are mothers, fathers, sons, daughters, wives, husbands, and caregivers.
Our right to incorporate, and the associated tax benefits were negotiated and are regulated by our provincial associations. The ability to incorporate allows us to open our dental clinics, maintain our businesses and invest in growing our practices. We rely on our corporations to run the business-end of our practices, to purchase specialized dental equipment, pay employee salaries and benefits, cover costs of supplies, sundries, rent, computer technology, etc, all with the ultimate goal of ensuring the citizens of Calgary and surrounding areas achieve the optimal oral care they are entitled to. We also rely on our corporations to save for our childrens’ futures, our own futures, and our retirement. As small business owners we do not enjoy benefit packages, paid maternity or paternity leave, pension plans, vacation pay, or sick leave. All these expenses must be paid out of pocket, with money that is saved or retained in the corporation. The inability to incorporate will significantly and negatively impact all of these processes. The initial impact will be felt by us, the business owners, but will eventually trickle down to our patients who will be saddled with increased costs or limited access to proper care.
Incorporation is a legal investment strategy that we employ not to avoid taxes, but rather to ensure proper cash flow to run our clinics, invest in new equipment and pay our staff fair wages and benefits. For many, it is a retirement savings strategy, in the absence of reasonable alternatives. Without the tax benefits of incorporation, we will be forced to change the way we run and manage our offices. Perhaps some of us will reconsider practicing in our chosen profession or in Canada.
The proposed changes to private corporations will affect ALL incorporated small business owners, and not just us, the New and Young dentists of Calgary. On behalf of ALL incorporated small business owners of Canada, the New and Young dentists of Calgary, urge you to reconsider the proposed changes to private corporations.
New and Young Dentists of Calgary
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