Are You a Business Owner? Tax Changes Are Coming That Could Impact You

If your business is incorporated, then you could be facing a larger tax bill and big compliance costs from the government’s new proposals to change the way corporations are taxed. 
 
Here are three things you need to know about the tax changes proposed by the federal government:
 
1. Do you employ family members? The government wants to scrutinize their compensation to apply a much higher tax rate on income they consider “unreasonable”.

2. Do you invest the profits from your business? The federal government is proposing to tax that income at an effective rate of 70%.

3. Do you want to pass your business on to your children? Tough new rules make it difficult for younger kids to get the capital gains exemption. They could be double-taxed.

* 1. How aware do you as a business owner feel you are on these proposed changes?

  I'm already very Informed and aware of these changes A bit informed and aware Somewhat Informed - Somewhat Uninformed Mostly not aware or informed of these changes  I was not informed or aware of these changes at all
Level of knowledge

* 2. As a business owner, how much do you agree with these proposed tax changes?

  I support the proposed increased taxes I somewhat support the proposed increased taxes I somewhat support - somewhat don't support these taxes I mostly don't support these increased taxes I do not support these increased taxes at all!
My level of support

* 3. How much do you feel these proposed tax changes will impact your business?

  No impact at all Mostly not an impact Neutral impact Some significant impact A large impact
Level of impact

* 4. The Saskatoon Chamber is working to fight these changes that impact small business owners in Saskatchewan. Do you have any other comments to share with us on this topic?

* 5. Please enter your email if you wish to stay up-to-date on this policy initiative

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