Local Chamber concerned about proposed tax changes
The Battlefords Chamber of Commerce is joining other provincial chambers voicing opposition to proposed tax changes they say will impact small businesses.
On July 18, the federal government announced revisions that would close “loopholes” and make the tax system fairer.
The changes aim to prevent private corporations from reducing their tax rate through what it called income sprinkling – distributing some income to family members in a lower tax bracket to in turn lower their own tax rate.
That changes also look to take on passive investment income, which involves holding money in stocks, for example, and converting a private corporation’s regular income into capital gains, which usually carry lower tax rates.