The Kelowna Chamber proposes federal tax policy changes over small business concerns

After findings from a recent polling of member businesses of the Kelowna Chamber of Commerce showed great concern over new tax policy changes proposed by the federal government, and the impact they could have on small business, the Kelowna Chamber of Commerce is calling for more input into the decision before it is passed.

The Kelowna Chamber shared a few comments they received during the poll:

“My husband’s small business employs 50 young adults in our community, who have young families and depend on their employment with his small business.”

“The Impact on my business will be huge. It is my only source of income. I take a huge amount of risk with my business.”

“There are all kinds of extra burdens when you carry on a small business. Start-up costs, long hours, significant risks and uncertainty. When a person invests in a small business, often the entire family’s assets are at risk.”

The Kelowna Chamber says that, at this point, there are still far more questions than answers around the tax proposal, and at the annual general meeting in Fredericton, NB, they joined the majority of Chambers in passing an emergency resolution calling on the federal government to scrap their proposed tax policy changes.

Instead, they want to establish a royal commission that would undertake a full review of tax policies with the aim of creating a tax environment that encourages investment and growth of small business in Canada.

They are speaking up for the middle-class small business owners, says Dan Rogers, Kelowna Chamber Executive Director.

“Many have no voice with government and as small business owners they are facing the very real possibility that their income is going to be reduced and their plans for retirement are going to take a major financial hit,” says Rogers. “The result would undoubtedly have an adverse impact on the economy.”

During the AGM, Finance Minister Bill Morneau said that the current tax system encourages the wealthy to incorporate to get tax advantages over the middle-class, and that levelling the playing field will help all Canadians.

Tom Dyas, President of the Kelowna Chamber, says that Morneau’s comments at the AGM made it clear that the government is moving forward with the proposed tax changes, however he also suggested that they will listen to and consider all comments prior to adopting any new bill.

“We will continue to encourage our members to contact their MP to convey their concerns,” Dyas said.