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GCC Chimes In On New Tax Proposals

Web posted on September 14, 2017

Guelph, September 13, 2017: Today, the Guelph Chamber of Commerce hosted a federal roundtable on the proposed tax changes with Member of Parliament for Guelph, Lloyd Longfield. The roundtable was an opportunity for businesses to voice their concerns as well as provide solutions.

The proposals as they stand will restrict SME owners from sharing income with family members; limit certain forms of saving in the business, making the firm more vulnerable in bad economic times and less able to innovate and grow; and change capital gains rules which could make it more difficult for business owners to transfer their business to the next generation.

"I value the input of our business community on this important issue," says Lloyd Longfield, Member of Parliament for Guelph. "The Guelph Chamber's diverse membership is uniquely positioned to provide valuable input to the concerns that have been raised related to the proposed tax changes during our period of consultation. I look forward to continuing to work with them during the legislative process." adds Longfield.

Small and medium-sized businesses (SMEs) are the engine of the Canadian economy estimates range from 85 to 90% of all businesses in Canada are SMEs. SMEs in Guelph are the backbone of our community. They employ neighbours and support local initiatives. The Guelph Chamber of Commerce has stated its concern that the proposed tax changes, if implemented will restrict innovation, stifle entrepreneurship and hamper growth.

"Businesses from every sector have expressed their deep concern with the proposed tax changes and the negative impact that they will have," says Kithio Mwanzia, President & CEO, Guelph Chamber of Commerce. These are shop-owners, farmers, doctors, financial planners, home-builders, and trades in all sectorsthe entrepreneurial families who are the backbone of the economy and responsible for job creation in Guelph and across Canada. We welcomed the opportunity to engage in a constructive dialogue with the Member of Parliament for Guelph to provide creative and practical solutions," concludes Mwanzia.

To read the Guelph Chamber of Commerce Letter to MP Longfield & the Minister of Finance visit the Chanber's website

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