More time needed for tax reform consultation: Canadian Chamber of Commerce
Prime Minister Justin Trudeau says his government is considering the concerns of those who oppose proposed tax reforms for private corporations.
“We’ve heard the questions and concerns, including from the tech community, and angel investors, and the [venture capital] community saying, ‘We need to make sure we are encouraging entrepreneurs, encouraging risk-takers, encouraging success in the startups,’” he told reporters in Toronto on Monday.
“And that’s something we are very much looking at as we ensure that we move forward in a way that’s creating greater tax fairness and greater opportunities for the middle class, but continues to support small businesses and innovators that are the heart of the Canadian economy,” he added.
The federal government’s plan to clamp down on income sprinkling, passive investment and capital gains in private corporations has triggered a wave of criticism from the independent business and tech communities. Trudeau said although the Liberals have disagreed with some of the concerns put forth, he continues to welcome feedback.
“The questions in this consultation period have been fast and furious and effective,” he said.
“We are now looking at ways to ensure that any movements we make on the tax code will indeed make sure that people are paying their fair share of taxes and do not stifle investment growth, particularly with startups and small businesses.”