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Federal plans for small business has serious consequences

Small, incorporated, businesses are the target of some major changes to the federal government’s tax regime.
Chamber’s of Commerce right across the country are banding together to argue small businesses will be hit hard with the proposed changes.
Kim Smythe, of the Greater Nanaimo Chamber of Commerce says there’s been little consultation on the changes…..
The government wants to scrutinize the compensation paid to family members including both wages and dividends to apply a much higher tax rate on income they consider “unreasonable”.

The federal government is proposing to tax profits that are invested from businesses at a rate of 70 per cent.

And, there will be tough new rules that see a form of double taxation when family members take over a business.
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