Are you a business owner?
If your business is incorporated, then you could be facing a larger tax bill and big compliance costs from the government’s new proposals to change the way corporations are taxed.
Here are three things you need to know about the tax changes proposed by the federal government:
- Do you employ family members? The government wants to scrutinize their compensation to apply a much higher tax rate on income they consider “unreasonable”.
Do Do you want to pass your business on to your children? Tough new rules make it difficult for younger kids to get the capital gains exemption. They could be double-taxed
- Do you invest the profits from your business? The federal government is proposing to tax that income at an effective rate of 70%.
Join the 1000 Islands Gananoque Chamber of Commerce as we let our voices be herd with MP Gord Brown to stop the continued tax hikes for Small Buisness owners!