Chamber of Commerce raises concern about tax proposals

The Yorkton Chamber of Commerce is encouraging local business owners to contact their members of parliament about proposed federal tax changes.

“[These changes] could have serious consequences, particularly for small businesses,” said Juanita Polegi, the Yorkton Chamber’s Executive Director.

The proposed changes include taxing income from investing profits at a rate of 70% and making it difficult for children of business owners to get the capital gains exemption.

In a report for the Chamber of Commerce Canada, Hendrik Brakel, Senior Director for economic, financial, and tax policy, called the changes the “most radical tax overhaul in 50 years.” He said the proposals may be designed to stop tax evasion and abuse of loopholes, but these taxes will “hurt families and punish entrepreneurs.”

Polegi urges business owners to tell their MPs how these proposals could impact them.

“The sooner they can get in touch with their MPs, the better,” she said.

Polegi suggested business owners attend their luncheon at the Painted Hand Casino on September 7. A represetative from KPMG will be there to discuss the proposals in greater detail.