The federal government can expect to hear lots of complaints about proposed changes to the Income Tax Act. Senator Doug Black tells me he’s spent the summer talking to owners of private corporations, small businesses and farmers and ranchers. He’s getting an earful from them.
“The government put out a 62 page document during the summer, and provided just 75 days to comment on an incredibly complex topic,” he said. “I’ve written to Finance Minister Bill Morneau to ask that the consultation period be extended to Nov. 30. I also want the Senate Banking Committee to conduct expedited public hearings on the proposed changes.”
READ MORE: Morneau leaves door open for changes to capital gains tax rates
Finance department bureaucrats have identified various pools of capital in various businesses that have escaped being taxed. The government wants its share. Individual entrepreneurs who don’t necessarily have pension plans and who will rely on their life’s earnings for their retirement years, aren’t about to surrender their earnings without a fight.
It promises to be a spirited debate. It might even be a factor come voting day in 2019.