in my eyes, it is an extremely fair benefit for small businesses considering the sacrifices and overtime work needed to support a self-employed parent, sibling, or spouse. Those who have never experienced this family environment would not understand and may find it easy to ridicule the perceived inequities but I will not accept this accusation. It is time for these individuals to research and realize exactly how the government is manipulating the small business tax system for their own benefit without forethought. Another change that will affect many family businesses similar to ours is eliminating the lifetime capital gains exemptions. Currently, if anyone were to buy a small business, they would be entitled to $835 716 of non-taxed income. With these changes, I, as the daughter of the owner and a member of our family trust, would have to pay income taxes on the entire capital gain where as a non-related purchaser would be entitled to this exemption. There is no logical reason to change this tax exemption, it is offensive as I was raised by the income of this business, I have invested and sacrificed a fair amount of time into the business, and I care for its future success as it carries my family name. These tax structures were put in place to entice entrepreneurs to begin businesses and these advantages reduced the impact of other intimidating obstacles, outlined in the second paragraph, entrepreneurs incur simply by choosing self-employment over a safer, more consistent job. By taking away these benefits, this is actually placing small businesses at a disadvantage compared to, for example, a government or union employee. From my perspective, it is illogical to tax a relative and exempt a non-relative because the family have proven to provide jobs, invest in the economy, and collect taxes for our government where the non-relative has possibly proven nothing. All of the proposed changes have been pushed forward some of our key political leaders by means of misinformation which I consider offensive and highly inappropriate. Misleading language is being used by Finance Minister Morneau and Prime Minister Trudeau regarding tax structures that were purposefully and strategically built by the government to stimulate the economy. As an educated and opinionated individual, it has been difficult to hear extremely accusing phrases such as “wealthy small business owners,” “tax loopholes,” and “unfair tax advantages;” these have been popping up all over the media quoting our elected politicians. None of these phrases are actually true and they are simply being used as propaganda to enable the ignorant population who have no experience or background knowledge on small businesses to become angry and causing unnecessary grief towards business owners. In fact, very few of the small business owners who will be affected by passing this bill are actually in the top 1% of income earners; the majority of the general public would not know that according to Startup Canada, the definition of small business is a wide range of “5 to 100 [employees].” This fact demonstrates how the government is trying to hide behind lies in order to sway the opinions of many. The government needs to stop using decep- tive language and they must present all the facts to the citizens of Canada to allow them to form their own opinions and give our government necessary feedback. The responsible voters of Canada have deliberately elected our members of parliament to represent their beliefs and political views and to truthfully inform the public regarding proposed changes. Additionally, there are very few members speaking up for entrepreneurs, many Liberals are silent regarding the issue that may jeopardize many individuals, families, and, in reality, everybody because Canadian economy will be largely impacted. Our government must consider how these small business tax changes may affect Canada’s future in the global marketplace compared to current leading countries and the rapidly growing developing countries that will soon become direct competition for entrepre- neurs. The Liberals need to take time to think about the consequences of these changes and how they could negatively impact current business men and women, our job creators and economy drivers, across Canada. Lastly, politicians need to re-evaluate previously used phrases and begin to acknowledge the reality of the situation from an entrepreneur’s perspective and convey a truthful tax change proposition to Canadians. I ask for the Liberal Party of Canada to consider my perspective and opinions on regarding the proposed small business tax changes. Thank you for taking the time to read my comments. Sincerely, Ceiledh Monk
We hope that all Canadians will take the time to understand the impact that these changes can and will have should they be passed in the House of Commons and make sure that your MP and MLA are representing your feelings and bring forth your concerns. After all that is their job to make sure that you are heard so give them your feedback before October 2 nd , 2017.
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SPOTLIGHT ON BUSINESS MAGAZINE • SEPTEMBER 2017
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