While Opposition MPs spent the last couple of weeks piling on Finance Minister Bill Morneau about alleged financial indiscretions, they’ve taken their eye off the ball.
The real issue is the series of proposed tax changes for small business that Morneau introduced in his last budget and the Opposition seems to have forgotten all about it.
The problem is, the changes go into effect in a couple of weeks and small businesses aren’t sure what the new regulations will look like and how they will affect their businesses.
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At the top of that list is the issue of income sprinkling or income splitting among family members in a business.
After a huge outcry from small business owners, the government said they would allow income sprinkling in some cases, but so far, details are few and far between on this issue and many other aspects of the new tax regulations.
It’s become pretty clear that these tax changes are going to have a profound impact on many small business operators and they have a right to know who’s going to be affected and by how much.
Small businesses need to know that the government has their back in a challenging economy and that’s not the message they’re getting these days.
Bill Kelly is the host of Bill Kelly Show on AM 900 CHML.
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