Whistler Chamber of Commerce takes action over proposed federal tax changes

The Whistler Chamber of Commerce is raising their voice over changes proposed by the federal government to the way businesses are taxed.

Finance Minister Bill Morneau says the changes proposed by the government aim to close down loopholes that business owners are using to give themselves a lower tax rate.

In an e-mail to it’s members the Whistler Chamber warns that if a business is incorporated, it could face a larger tax bill and big compliance costs under the new proposals. The Chamber states that the government wants to scrutinize compensation given to employed family members, to apply a higher tax rate on income they consider ‘unreasonable’. The Chamber also warns members that if they invest the profits from their business, the government is proposing to tax that income at 70%. If you want to pass your business onto your children, new rules would make it difficult for younger children to obtain the capital gains exemption; ‘they could be double-taxed’ says the Chamber.

In a statement the Whistler Chamber says they are ‘particularly worried about the effects of the proposed tax changes for small and medium sized businesses – who are essential to our thriving local business community. We are asking the federal government to stop or slow down the changes until extensive consultation can happen. This is an issue where chambers across Canada are raising their collective voice.’

Along with the chamber network across the country, the Whistler Chamber is encouraging local businesses to contact our region’s MP to provide feedback on the possible changes. Whistler Chamber CEO, Melissa Pace spoke with MP, Pamela Goldsmith-Jones on September 13th. Goldsmith-Jones told the Chamber CEO that she was sympathetic to the local business community needs and is motivated to make changes to support small business. The West Vancouver-Sunshine Coast-Sea to Sky Country MP is now awaiting input from the Whistler community as she drafts a letter to present to Minister Morneau next week.

If you are a Whistler business that belongs to the Whistler Chamber, a poll for feedback on the topic is available now, until September 19th and can be found by clicking here.