A consultation meeting between the federal finance minister and a number of business owners took place this afternoon didn’t go well according to Chair of the board of Trade Dorothy Keating.
Keating says the proposed tax changes will have a lasting impact on business owners and expresses concern about unintended victims of the amendments.
Keating says she felt as though the consultation meeting was a one way communication and she isn’t confident the unease shown by local business owners was heard today.
She calls the consultation a let down, on behalf of the Board of Trade.
Keating says the board is disappointed and says they expected a two-way dialogue with Minister Morneau that would help get to the bottom of concerns raised. She says the turnout was strong and likens the proposed changes to a person who is building a boat, but there are leaks in it everywhere. She goes on to compare the plan for tax reform to putting the leaky boat in the water, and they will fix the problems at a later date.
Proposed Changes Not Targeting Owners: Morneau
Meanwhile, federal finance minister Bill Morneau says the proposed tax changes are not targeting small business owners.
Morneau says government is attempting to highlight the passive investment income issue. He says, possible amendments won’t carry a significant impact for anyone earning $150,000 or less.
He says the federal government isn’t trying to come down on the ‘little guy’ and insists they are hearing the unease felt within the local business community.
Morneau says he doesn’t see the tax changes as affecting the 66 per cent of businesses making less than $73,000 per year. He says government is listening to small business operators and expresses a desire to keep listening until they get it right.