The upcoming income tax changes proposed by the Finance Minister could severely impact small business owners.
Get an in-depth look at the issues in a new podcast created by Innovator’s Alliance Chapter Sponsor, Integrity Wealth Management. It’s a roundtable discussion featuring a local tax lawyer and accountant, as well as the Federal Director of the Canadian Taxpayers Federation.
Here’s an excerpt from the podcast: “People are going to be investing their corporate funds; they’re going to see a nice portfolio in there, a nice income, but what they might not realize is when they pull the money out its going to be subject to an extremely high rate of tax. And they’re going to have to adjust their financial plans to take that into account.”
It’s important for all Canadian business owners and entrepreneurs to understand these proposed changes and the effects they may have. For example, these taxes could restrain Canadian business innovation and growth, as finances become more limited for small business owners.
You can view the full tax consultation paper here, on the Department of Finance website.
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