For immediate release
Ottawa, August 17, 2017 – Senator Doug Black made the following statement today regarding the tax changes proposed within the Tax Planning Using Private Corporations consultation paper issued by the Department of Finance Canada:
“Tax reform has many potential impacts on Canadians. While I fully support tax fairness for all Canadians, any changes to the existing law should be done with proper consultation with Canadians and Canadian businesses. I believe the changes being proposed by the Government may have potential unintended consequences on Canada’s competitiveness in the global economy, and therefore warrant further review and scrutiny.
“I call on the Standing Senate Committee on Banking, Trade and Commerce to thoroughly examine the proposed changes carefully and assist the Minister in assuring the best tax outcomes are achieved for Canadians. Some of the proposed changes may have substantive and long-term effects for young Canadians, and for hundreds of thousands of small businesses across Canada.
“Providing Canadians with a meagre 75 days in the middle of summer to comment on such a complex matter seems totally unreasonable and for that reason I have sent a letter to the Minister requesting an extension of the consultation until November 30, 2017.
“We need to ensure that these proposals do not adversely affect the middle class, especially young people, small business owners, farmers, fishermen, builders, or innovators just to name a few. These people are the bedrock of Canadian prosperity and competitiveness.”
- Backgrounder: Possible unintended consequences of government proposed changes to Tax Planning Using Private Corporations rules
- Learn more about Senator Doug Black’s work for Alberta
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