Oct 03, 2017
By Michael Kramer
Canada’s Finance Minister says changes will be needed to the Trudeau government’s proposals – to reform parts of the tax system.
Bill Morneau says the government will review the feedback it got – during a 75-day consultation period that ended Monday – and will respond with changes – so it meets the goal of making sure the system is fair – and encourages investment.
The Finance Minister also says he intends to provide clarity asap for small business owners – who’ve have expressed concerns about the potential negative impacts of the proposals – and lingering uncertainty.
The proposals have faced an onslaught of complaints from a range of sources – including entrepreneurs, doctors, farmers, tax professionals, provincial leaders and backbench Liberal MPs.
Morneau has framed the changes as a necessity to end tax advantages – unfairly exploited by some wealthy business owners.
But opponents of the plan contend they will hurt middle-class business owners – and damage the economy.