News Article

Small Business Owners Speak Up: Taking Control During Tax Reform Uncertainty

Posted: February 12, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Financial Literacy, CRA, knowledge bureau, Evelyn Jacks, Small Business, distinguished advisor conference, tax courses, tax changes, financial education, tax reform, entrepreneur, CE summits, tax proposals, business owners, Morneau, online courses, online education, 2018 Budget

Small business owners are taking note: small business tax reforms are here to stay, the news is not good, and they are not happy about it. In fact, some are taking drastic actions, at the peril of Canada’s local economies.

Recent CE Summit attendee, Leanor Davidson, a local business owner in BC, shared this:

"After attending the Vancouver November seminar and listening to all the comments I went to our accountant and voiced what I had learned and how difficult it was for all of you professionals to help your clients with advice since none of us know what our Federal government is proposing. We did a rough estimate of what our tax results would be this year at year end (now, thank goodness) and what the new proposals would do to us. We have taken a move we would not have done at this point in our business in Canada. I expect this next year will see other small businesses do the same--close."

She commented further on additional insights she would like to see featured in KBR. Do you agree?

   

"I would like to see those stats on what this new change would mean to small business--the comparison factor brought it home to us. I believe all of us in that day seminar found our governments new proposal depressing."

We thank Lenore for her candid comments and commit to continuing our detailed interpretations of the news when we get it.  It is interesting that Knowledge Bureau CE Summits can be of help to small business owners, as well as professionals, to better educate themselves, protect their businesses, and take these important financial matters to their professional advisors for further, detailed analysis of their own personal situations.

At the Spring CE Summits, we will be focusing on what the post budget action strategies will be, as we anticipate significant changes to the taxation of passive investment income in private corporations and the closing down of tax preferences.  We will also explore in detail the difference between the Canadian and US tax reforms with cross border expert Dean Smith, Partner with Cadesky Tax in Winnipeg, Calgary and Vancouver, and his colleague, Russell Vert in the Toronto sessions.

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In addition, mark your calendar for the 15th Annual Distinguished Advisor Conference which will be taking place in Quebec City, November 11-14, 2018.  It is an outstanding event that features over a dozen thought leaders from the tax and financial services who will explore an important theme to your strategic business growth plans:  The Changing Face of Community.  In preparation for enormous change, please do check out our online study courses and programs for your spring and summer studies.

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