A new group of Canadian business leaders, entrepreneurs and philanthropists are calling on the federal government to "reconsider" its three-pronged plan to reform tax rules for private corporations.

As of Sunday morning, there were more than 260 signatories to The Council of Progressive Business Leaders' open letter to Prime Minister Justin Trudeau, posted at www.wtfjt.ca.

"Canadians elected you on a platform of hope," reads the letter.

"Your proposed changes to the tax code, however, are completely at odds with our shared vision for a progressive and entrepreneurial Canada."

The government has faced intense criticism of its plan to tighten up the use of income sprinkling, passive investment and capital gains in private corporations since the strategy was presented in July. 

Opposition to the government's plan has been building, including at a town hall in Oakville, Ontario, on Friday where Finance Minister Bill Morneau heard from angry taxpayers.

The new council is backed by some high-profile names like Round 13 Capital Co-Founder and Disruptors co-Host Bruce Croxon, Venture Communications CEO and Dragons' Den panelist Arlene Dickinson, Thalmic Labs Executive and former co-COO at Research in Motion Dennis Kavelman, and entrepreneur W. Brett Wilson.

The idea for the petition came from Croxon, Dickinson, and Peter Swartz, Croxon confirmed with BNN via email. 

"We are not entitled, cheating, or playing outside the rules," the group's letter notes, going on to warn the plan could blow up in the government's face. 

"We are asking you to reconsider these harmful economic policies. They will not achieve what you desire... Money and talent is mobile in today's world. If we don't work together to create a system that motivates all Canadians, the money and talent will leave."

The formal public consultation period ends Monday.