The Prince George Chamber of Commerce is opposing proposed federal tax changes.
“The Prince George Chamber knows this proposed tax change will significantly impact some of our members and Prince George’s economy as a whole,”said Prince George Chamber CEO Erika Ewacha. “Small business really is the backbone of our economy, so we’re adding our voice to the broader chamber movement against these changes.”
The changes Ottawa is set to enact include eliminating the current practice that allows business owners to ‘sprinkle’ their income among family members in lower tax brackets.
Ottawa is also looking at eliminating the current practice of using private corporations as a substitute for a regular savings account or converting a private corporation’s regular income into capital gains. Both practices can result in being taxed at a lower rate.
The Prince George chamber joined the Canadian chamber membership in passing a resolution, at the Canadian chamber’s AGM and conference in Fredericton New Brunswick Sept. 23-25, opposing the proposed federal tax changes for incorporated businesses. The resolution, entitled Stop the Harmful Tax Changes on Private Corporations is a key policy position that the Canadian chamber will advocate to the federal government on behalf of its members.
The Canadian Chamber is also circulating an online petition against the proposed tax changes. A link to the petition can be found at www.chamber.ca.
“Our local chamber members can help too,” said Corey Naphtali, Prince George chamber president. “We encourage our members, and all businesses that are affected by these proposed changes, to write to the federal government, and describe how this will impact your business and livelihood.”
The Prince George Chamber co-sponsored two policy resolutions at the Canadian chamber AGM, written with the support of local members; B.C. Provincial Nominee Program: Supporting the Labour Needs of Today and Tomorrow and Port and Major Airport Share Capitalization. Both resolutions were approved with amendments, and will be a part of the Canadian chamber’s advocacy agenda.
The Prince George Chamber was also recognized at the AGM for its status of accreditation with distinction. Accreditation is a formal acknowledgement that member chambers of commerce and boards of trade have been successfully evaluated by the Chamber Accreditation Council of Canada against rigorous national standards of policy, service and performance.