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The federal government has recently proposed changes to the tax structure for private corporations. These proposals represent the most significant tax changes in years with potentially severe negative impacts on small businesses in Canada.

In an effort to represent its members, HRAI has joined the rapidly growing Coalition for Small Business Tax Fairness.

Should the government implement the proposals, they will restrict small business owners from sharing income with family members; limit certain forms of saving within the business, thus making the company more vulnerable in bad economic times and lessen the ability to innovate and grow.  Further changes to the capital gains rules could make it more difficult for business owners to transfer their business to the next generation.

As a result, the coalition wrote to Finance Minister Bill Morneau asking the government to take these proposals off the table and instead meet with the business community to address any shortcomings in tax policy affecting private corporations.

 

Members looking for more information should visit: smallbiztaxfairness.ca

HRAI will keep its members informed of progress regarding these proposed tax changes.

For more information contact: Scott Papp, Manager, Divisional Programs (Contractors) at 1-800-267-2231 ext. 233 or spapp@hrai.ca