Ottawa, October 18, 2017 — The Canadian Chamber of Commerce welcomes the government’s changes to its proposals for taxing passive investment, but continues to wait for details yet to be revealed. The new proposal announced today by Finance Minister Bill Morneau is a response to concerns expressed by the Canadian Chamber network and its members.
“On the surface, these changes respond to many of the problems identified by business owners through the Canadian Chamber’s campaign. Unlike the original plan, this new version maintains small and medium-sized businesses’ ability to put money aside for economic hardship, to invest in their operations or to provide for parental leave. We’re glad the government has listened,” said the Hon. Perrin Beatty, CEO and President of the Chamber.
This is a welcome announcement as Canadians celebrate Small Business Week. However, the Canadian Chamber warns that the key to the success of today’s announcement will depend on its application, after further input from Canada’s business community.
“There is still much to be firmed up, but we’re glad to see that this time, government seems open to working with the business community. The minister said he wants to make sure the government gets this right. We do too, and the Canadian Chamber and its local members will provide a voice for SMEs,” said Mr. Beatty said.
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at Chamber.ca or follow us on Twitter @CdnChamberofCom.
Guillaum W. Dubreuil
Director, Public Affairs and Media Relations
Canadian Chamber of Commerce