The Conservatives have made a concerted pitch to Canada’s small business owners, pledging to reverse a controversial Liberal tax policy that enraged them and to reduce the regulatory burden weighing on their operations.
The latest package of Conservative promises includes a 25 per cent reduction in federal regulations over four years and a “two-for-one rule” that would see two rules dropped for every new one introduced. If elected, the Conservatives will also introduce a ministerial position, reporting to the prime minister, with specific responsibility for cutting red tape. All ministers and regulators will be given a mandate to support innovation and economic competitiveness — a measure the Liberal government pledged to explore in its fall economic statement.
Dan Kelly, president and CEO, Canadian Federation for Independent Business “Bureaucrats often design regulations and paperwork for larger businesses that have chief compliance officers or vice-presidents of human resources,” he said. “In small businesses, it’s the owners that play those roles. So regulations are always identified as a top burden among our members, second only to taxes.”
Worried that some business owners were parking large sums of money in their corporations, the Liberals initially announced plans to tax the investment income earned on those funds at punitive rates, exceeding 70 per cent in some provinces. But following a backlash, they allowed for a maximum of $50,000 in passive income before the business starts to lose the advantage.
I suspect the rats nest grown over 9.5 years or con govt with little interest in tackling it. I
The cons are saying the exact same things they say in every damn election. Tax credits, help small business, make it easier for us “real” Canadians. It’s a bunch of bullshit. They will continue to sell our future in the name of corporate tax cuts that don’t help anyone.
Semantics. Just bc we have vetting and checklists and processes for small businesses to adhere to, doesnt mean that theres red tape. 🙄 its just like the housing announcement, we all know Andy doesnt know what hes doing!!