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GCC Comments On New Business Tax Proposals

Web posted on September 06, 2017

Guelph, September 6, 2017: The Guelph Chamber of Commerce is urging the federal government to put their proposed tax changes on hold to avoid hurting thousands of small-and-medium sized incorporated businesses in Guelph and across the country.

If implemented, the proposals 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.

"These proposals will hurt middle-class business owners from every sector of the economy. 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," says Kithio Mwanzia, President & CEO, Guelph Chamber of Commerce

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. These changes will punish legitimate businesses, restrict innovation, and stifle entrepreneurship. These changes are firmly juxtaposed to the government's stated commitment to providing new opportunities for SMEs to grow.

"SMEs in Guelph are the backbone of our community. They employ neighbours and support local initiatives everything from soccer teams to fundraising drives for refugee families. If these changes go through, both businesses and communities will no longer have the capacity for these activities," concludes Mwanzia.

To read the full Guelph Chamber of Commerce Letter to MP Longfield & the Minister of Finance visit Guelph Chamber of Commerce website.

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