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12
Oct

Report on Small Business newsletter: The truth about the Liberals' proposed small-business tax reforms

Only the wealthy? The truth about the Liberals’ proposed small-business tax reforms

Accountants across the country have been scratching their heads over Ottawa’s proposed tax changes and how they will work in practice. Prime Minister Justin Trudeau says the proposed reforms are meant to make the wealthy pay their fair share and are aimed at people making more than $150,000, and Finance Minister Bill Morneau wrote in The Globe and Mail that most middle-class Canadians and small businesses will be unaffected. But critics, including the Canadian Federation of Independent Business (CFIB) and the Conservative Party, argue the proposals will in fact hurt middle-class business owners and their families, the lifeblood of the Canadian economy.

Who’s right? The Globe and Mail did a detailed analysis of four fictitious families at different income levels. While in reality there is an infinite number of family and business situations, we selected common scenarios to get a sense of the impact of these proposals on middle class and wealthy business owners. Each family has a business set up as a private corporation, as the proposed reforms only affect businesses structured as Canadian Controlled Private Corporations, not sole proprietorships or partnerships. Full story (for subscribers)

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Target’s closing devastated my business. Here’s how we recovered

On our way to work one dreary winter morning, my husband and I received shocking news. The Target Pharmacy we owned had opened on July 15, 2013, in Oshawa, Ont., and on Jan. 15, 2015, exactly 18 months later, we heard on the radio that Target was shuttering all its Canadian department stores and leaving the country. Full story

‘You’ve been hacked’: a small-business owner’s worst nightmare

People are on Google all day looking for “cheap socks” or “discount gloves” or whatever they need. We get a certain number of inquiries every day. All of a sudden, starting last October, that went to zero overnight. It was in the fourth quarter, which is our busiest time, so I thought that was kind of weird. Full story

Liberals blame CRA for fumble on plan to tax staff discounts

The federal Revenue Minister is accusing the Canada Revenue Agency of acting on its own to issue an edict taxing employee benefits, laying bare a rift between the government and its bureaucrats amid a wider controversy over tax policy. Full story (Globe subscribers)

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As the world rushes to protect data, Toronto emerges as a cybersecurity hub

In dozens of sports arenas across the United States, athletes unlock doors to secured areas with a biometric app on their mobile phones that recognizes their fingerprints, faces, eyes or voices. Full story

Canadians launch distillery in whisky’s hallowed homeland

As a former vice-president of corporate law at Enbridge Inc. based in Calgary, Rob Carpenter has perhaps witnessed more than his share of change. To further his plan to become a whisky entrepreneur, he recently journeyed from Alberta to the Scottish capital of Edinburgh where he is renting a flat – and also learning to handle the British weather. Full story

Ontario Labour Minister Kevin Flynn says financial relief for farmers, small businesses coming soon

Ontario Labour Minister Kevin Flynn says farmers and small business owners will receive some financial assistance to compensate for the province boosting the minimum wage to $15 per hour starting Jan. 1, 2019. Full story

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Calgary restaurant charges optional ‘small business support’ fee to offset costs

A Calgary restaurant has taken an unorthodox approach to offset rising taxes and costs. Minas Brazilian Steakhouse began adding a four per cent “small business support fee” to bills Oct. 1. Owner Carolina Lopez says the fee is optional, although it does not say that on the bill. Full story

Community split over Alberta’s march toward $15/h minimum wage

Waleed Abu-Manneh’s smiling face is an enduring presence behind the counter of his popular Meridian Rd. N.E. eatery. Having opened Shawarma Barlow a little over a year ago, its success has led to a second location on 17 Ave. S.W. to open its doors this week. Full story

Article source: https://www.theglobeandmail.com/report-on-business/small-business/sb-growth/draft-newsletter/article36539872/?cmpid=rss1

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