ANNAPOLIS VALLEY, N.S., SEPTEMBER 22, 2017:
“Concern, angst and uncertainty” dominated the mood as the Annapolis Valley Chamber of Commerce hosted more than 150 business owners at a ‘town hall’ meeting organized to explain recent proposals to how small businesses are taxed.
Local tax specialists, Ryan Power (Grant Thornton) and Marcel Godbout (Bishop & Company), described the federal government’s plan to change the rules relating to how small business owners compensate themselves, save for retirement and transfer their businesses to the next generation.
Attendees were provided with examples that showed how business owners, who have established retirement and business succession plans following rules that have been in place for over 40 years, will suddenly be subject to tax rates as high as 74% and will be penalized for trying to keep their business in their family. The examples confirmed that the proposed changes reflect the overhaul of an entire system for taxing small businesses, not simply the closing of ‘loopholes’ used by ‘tax cheats’.
Robin Hill, owner of Infinite Solutions Bookkeeping & Accounting Inc., said “I came to this event thinking that my company is small and these tax changes really do not apply to me, after hearing this tonight, I am just angry…everyone should be angry!”.
The Chamber outlined its efforts, locally and nationally, to advocate on behalf of its members about the proposed changes, but emphasized that the message it has received on behalf of local members of parliament Scott Brison and Colin Fraser, is that they want to hear directly from businesses impacted by the proposals.
MP Scott Brison
24 Harbourside Dr., Suite 101A
Wolfville, NS B4P 2C1
Tel: (902) 542-4010
Toll Free (NS): 1-888-585-0550
MP Colin Fraser
2 George Street
Middleton, NS B0S 1P0
Tel: (902) 825-3327
Toll Free (NS): 1-866-280-5302
MPs Brison and Fraser were invited to attend the town hall, but both sent their regrets.
For more information contact:
Jeremy Lutes, President