Oppose Canada's Small Business Tax Changes
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Proposed tax changes are arguing for "tax fairness" but in fact won't be fair to majority of Small Business Owners who are middle-class citizens and not the 1%
Agreed that current structure of income sprinkling is unfair and loopholes should be closed BUT
- Proposed changes to TAXATION OF PASSIVE INCOME within corporations is UNFAIR
There is no tax evasion with reserves:
- RESERVES are money that is already declared as profit and for which corporate tax has been paid
- Distribution of reserves can be done to shareholders as dividend, which is again taxed as personal income or invested
Invested reserves act as:
- sources of cash for investment in further entrepreneurial business opportunities and/or grow our own business that create more jobs
- a way to address risks of being self-employed including volatility of business income and personal income needs: self-employed people do not have access to unemployment insurance or paid vacations or prescription or dental insurance unless we pay for it!
- a pension fund because self-employed people do not have company pension plans and RRSP contributions are limited to 18% of what we pay ourselves as salary which is typically minimal pending year end financials
It is an attack on financial stability, income and ultimately my retirement. It reduces not only my ability to grow and maintain my business but also discourages my flexibility to employ those funds financing other businesses. Taxing gains within the corporate structure is ultimately equivalent to taxing gains within public pension funds because that is the end game.
We ask that you WITHDRAW the PROPOSED CHANGES to the TAXATION OF PASSIVE INCOME within corporations!
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