The team here at Teed Saunders Doyle has been very active since the proposed changes to taxation of private corporations were announced in July. We have provided numerous information sessions to interested groups all over the province to explain the actual effects and consequences of the proposed changes on small business. (If you would like a copy of our slide deck on the effects of the changes, contact us.)
In our view, the proposed changes are bad for small business and, since small business is the engine that drives our local economy, the proposed changes are bad for the economy and for our region generally. Specifically, the changes will lead to:
- less people being hired in small business;
- less money for employee raises, bonuses, or other compensation;
- less money to make charitable donations in our communities;
- less money left in businesses for a rainy day (and all businesses have rainy days over the years, i.e. 2008 economic crisis);
- less money for business owners to invest, who take a risk every year they are in business;
- less money that will be invested in business from outside sources; and
- less likelihood that businesses will be transferred to the next generation, causing greater potential for sales to non-local owners and the uncertainty that comes with that.
We encourage you to make your voice heard on these proposed changes by contacting your Member of Parliament. Here are some links that make it easy to do so:
Tax Fairness NB: https://taxfairnessnb.ca/
Canadian Chamber of Commerce: http://www.protectgrowth.ca/
Choose Your Community: https://chooseourcommunity.ca/