On July 18, 2017, the Department of Finance released the Proposal, Taxation of Private Corporations. The Proposal proposes significant changes to tax legislation that would have a significant effect on almost all of our businesses in Charlotte County. I posted a blog earlier this summer on the details of the Proposal so you can follow this link to refresh yourself on the proposed changes: An Approachable Accountants View on the Small Business Tax Proposal
ANR has been actively providing information about this proposal and what it means via its social media and talking with our clients and the business people of our Community. We believe it is important that Business Owners and Individuals are informed of this Proposal, especially since it was released in the Summer when we should all be enjoying the sunshine, not worrying about Tax Legislation. The other concern is the short deadline for responses. The Department of Finance has only given until October 2 as the deadline for responses, which is a very short time period on such significant potential tax legislation changes. The last time a major overhaul of tax legislation such as this was completed was in 1972 and it took 7 years of consultation and consideration.
We believe that Karen Ludwig needs to be engaged by Business Owners and Individuals who are concerned over this Tax Proposal and that is why we are providing some letter templates in this blog that you can print and sign, copy into an email, rewrite by hand. If you are a Business Owner, a Family member of a Business Owner, an Employee of a Small Business, an Individual who supports Small Business, an Individual who purchases goods or services from a Small Business, this Tax Proposal affects you. I would encourage you to write your own letter as well or contact Karen with your concerns.
The templates we are attaching expresses concern and ask our MP to gather information from her Constituents on how this Proposal could affect them and ensure our voices are heard in Ottawa. There are two letter templates, one if you are a Business Owner and one if you are an individual.
As always, if you have questions or concerns, feel free to reach out to ANR.
Until next time,