Red Deer and District Chamber of Commerce is standing united with other chambers to ask the federal government more consultation time for the proposed tax changes that are coming down the pipeline.
There is a petition going around asking the Liberal government for more time on the proposed tax changes. The petition needs 2,500 — Canada-wide signatures to become valid.
The current deadline imposed by the federal government is Oct. 2 and that’s not enough time, said Robin Bobocel CEO of the Red Deer and District Chamber of Commerce.
“We are raising awareness and calling on the business community to sign the petition to call on the government to extend the consultation process beyond the current deadline,” Bobocel added.
Should the proposed plan be implemented, it will have negative impact on the small business community along with the economy.
The changes will increase corporate tax for small businesses as they won’t be able to employ family members and get the same tax break they currently do.
“[Currently] small business owners employ family members to lower the overall tax burden and with these proposals limit or eliminate the ability to do that so they are eliminating the ability of a business owner to lower his tax exposure,” he explained.
Another change includes limiting the ability to take advantage of capital gains, something that may impact the farming community.
“Currently you can transfer shares from one generation to next with little to no tax implication and what these changes are suggesting is that the federal government is looking at imposing tax on those shares,” he explained.
The Red Deer and District Chamber of Commerce has about 820 members.
The petition is in conjunction with Alberta Chambers of Commerce and the Canadian Chamber of Commerce.
To sign the petition, click here.