Normally, I would not be concerned about another story written in the mainstream media pushing for a tax increase on small business. But when an accountant, who has advised the federal government, wrote in a Toronto-based newspaper for the repeal of the small business tax rate, which would result in a $14 billion tax hike on small and medium sized businesses, I noticed. You should too.
While the current government did not specifically campaign on taxing small business investment 73 per cent, it did not take long for the Finance Minister to make such a proposal, also in the middle of the summer, with the hope you were not paying attention.
Dropping the small business tax rate will increase your tax burden by about 15 per cent. It does not take into consideration all the other taxes small business pays, like the new Liberal carbon tax and the increase in the CPP payroll tax. Please, share your story with me.