The Parliamentary Budget Officer (PBO) released a report entitled Analysis of Changes to the Taxation of Corporate Passive Investment Income, which confirms the Finance Minister’s assault targets Canadian small businesses. The report found that a 15% tax hike is being introduced on a sector that drives local economies. And those caught paying the tab, says the PBO, are community leaders in small businesses throughout Canada.
Insurance brokers, financial advisors, real estate agents, small business management consultants, veterinarians, small town lawyers, doctors, dentists etc., will all pay more tax to cover the cost of this Liberal tax grab.
These people are not looking to get rich, rather at satisfying basic needs, sending their children to school, or expanding their business to create jobs. These are not people with hidden cash in offshore bank accounts or forgotten villas in France, and the hypocrisy is not lost on them.
Last week, the Senate Committee on National Finance concluded a series of public hearings across Canada on this tax reform. They heard from many small businesses and entrepreneurs who expressed concerns and confirmed that the government has brought forward complex tax changes which will hurt small businesses and drown them in red tape.
The committee is continuing its comprehensive study of these tax changes. Findings to date relate to the information uncovered in the recent PBO report that the Finance Minister is targeting small businesses throughout Canada.
The Senate Conservative Caucus will continue to fight unfair tax hikes every step of the way.