To the Editor:
You need to be aware of the drastic income tax reforms being proposed by the Liberal Federal government.
These complicated tax reforms will negatively impact all farms and small businesses across Canada.
The government wants to implement the biggest tax reform since 1971 on October 2, 2017. If Ottawa’s plans succeed it could cripple your retirement or succession plans.
Once again, the government is imposing these damaging tax reforms when the farmer is extremely busy and so the government is hoping for no resistance.
Although we are all busy with the harvest we must react and send our concerns to our MP, Finance Minister Bill Morneau and the Prime Minister.
Changes include income splitting, paying dividends to family members and lifetime capital gains deductions.
These changes will restrict every generation’s ability to retire and to transfer the farm or business to the next generation. Losing the capital gains exemption is cancelling the farmers’ and the small business owners’ retirement income.
Act now as your financial future is at risk!
You must react and send your concerns to the government with a short email stating that you strongly object to the proposed tax changes. Send your email now to: fin.consultation.fin@canada.ca, or sign a petition at www.taxpayer.com/resource-centre/petitions/petition?tpContentid=165.
If you need more information, talk to your accountant. This is urgent, the deadline is October 2, 2017.
Lucienne and
Michelle Pitre