On September 9th, the Tri-Cities Chamber of Commerce invited leaders in the business community to attend a roundtable session to discuss with Member of Parliament for Coquitlam – Port Coquitlam Ron McKinnon the federal government’s proposed tax legislation changes.
The proposed changes have spurred outcry from business owners across Canada and are widely misunderstood by both politicians and the general public. The main issues under debate include sprinkling income with family members, saving passive investment income in a corporation, and removing value from a corporation by way of a capital gain vs. a dividend.
Rise CPA Tax Partner Adam Plank, who has been studying the proposed changes very carefully since they were announced, attended the roundtable and took the opportunity to express his concerns with the proposals and how they will effect small business owners across the country. Mr. Plank presented Mr. McKinnon with documents to provide examples of how the proposals will negatively impact and harm middle income families and he was able to provide clarity and feedback about the legislation for Mr. McKinnon to take back to Ottawa.