A step in the right direction in support of Canadian small business but Chambers remain concerned
Kensington, PE, October 17, 2017 – The Kensington and Area Chamber of Commerce is pleased with today’s announcement by the Federal government to reduce small business tax to 9% by 2019. During a press conference today, Prime Minster Trudeau and Finance Minister Morneau announced that their government will be cutting small business taxes to 10% in January 2018, followed by a further decrease to 9% in 2019. Minister Morneau also announced that his government will be making some changes to their proposed tax reform. These changes will be announced over the next few weeks.
“The Kensington Chamber would like to thank everyone who signed the form released by PEI Chambers, as well as the petition by the Canadian Chamber of Commerce,” stated KACC president, Rosalie Profitt. “However, this announcement does not mean we can stop having our voices heard.”
Although these announced changes are not perfect, they are a step in the right direction. It is evident that Mr. Trudeau and Mr. Morneau are hearing what business owners across the country are saying. This gives hope that they will continue to consult with small businesses and gain more insight in the coming weeks.
“It is always more productive when government and business work together. We can only hope the government will listen as we provide advice on those areas where more remains to be done, and that they will propose concrete data to back up their claims. The Canadian Chamber will be working with chambers across the country for suggestions on reforms that can improve the competitiveness of Canada’s tax system. Lowering the small business tax rate is one such measure, but there is still much room for improvement,” said Perrin Beatty, CEO of the Canadian Chamber.
The Chamber will continue to follow this as it unfolds, and will keep members updated. For more information, please read this article from the CBC, and this release from the Canadian Chamber of Commerce.
For more information, please contact:
Membership & Events Coordinator
Kensington and Area Chamber of Commerce
Guillaum W. Dubreuil
Director, Public Affairs and Media Relations
Canadian Chamber of Commerce