Open Letter to Bill Morneau
Dear TPC Financial Group Ltd. clients, associates, and other interested professionals,
TPC Financial Group Ltd. works with professionals and business owners across Canada. Many of you might also be aware, while we service clients in all corners of the country; we ourselves are a family-run business. As such, we are acutely aware of the challenges and sacrifices that business owners are faced with on a day-to-day basis.
While we have done our best to use public platforms to spread information that can inform the general population, there remains a public perception that business owners are actively avoiding taxes and are not paying their “fair share”. With this in mind, our latest instalment on Huffington Post is targeted towards the specific example that Mr. Morneau used in his discussion paper to justify his proposed tax changes aimed at small business owners.
OPEN LETTER TO BILL MORNEAU
In Morneau’s discussion paper, he uses an example of neighbours who each earn $220,000 per year. One is incorporated and one is a salaried worker. His example shows how the salaried worker will pay $35,000 more in taxes than the incorporated neighbor.
What his example fails to outline are the benefits the salaried worker is entitled to that the incorporated neighbor is not. He also conveniently omits the costs and challenges of running a business, and the lack of security surrounding a business owner’s income. We have taken the liberty to outline these items in our latest Huffington Post article.
This article can be accessed by clicking the image below, or by clicking the following link.
We encourage everyone to read, comment, and share the article if they agree. The more people that are aware of the challenges faced by professionals, the softer the federal government’s stance will be on the proposed changes.
LETTERS TO YOUR LOCAL MP’S
A past newsletter provided a letter template that anyone can forward to their local MP in order to have their voice heard. We also provided email and mailing addresses to get your letter in front of your MP as quickly and as easily as possible. If you wish to access this letter, you can download a copy here.
Contact information for your local MP can be found here.
UPCOMING
- August 28th: We will define the “reasonability test” that is being proposed for income to spouses and family members.
- September 4th: TBA
- September 11th: TBA
- September 18th: TBA
- September 25th: TBA
If you have any questions or concerns about how these proposed changes could impact your specific situation, please do not hesitate to call our office and speak with a TPC Financial Group advisor.
If any of your colleagues wish to be kept informed of ongoing developments related to the proposed changes, feel free to forward our newsletters or encourage them to subscribe on our website.
ADDITIONAL ARTICLES AND INFORMATION
- Toronto Sun: Should doctors demand salaries, benefits?
- Macleans: Will Morneau’s crackdown on tax avoidance work?
- Regina Leader: Federal tax changes could lead to doctor shortages