Photographer: Ryan Plomp
“Prime Minister Justin Trudeau signalled Wednesday he is open to compromise on his government’s plan to tighten the small business tax regime, but he pledged to largely stay the course as he looks to collect more revenue from some of the wealthiest Canadians,” wrote John Paul Tasker for CBC News on September 6, 2017.
Tasker continued, “In his opening address to Liberal MPs assembled in Kelowna, B.C., for a national caucus meeting, Trudeau said he believes in the plan to close tax “loopholes” some proprietors now enjoy but could be willing to alter its rollout to satisfy growing demand for tweaks to the proposals.
The current plan would curtail “income sprinkling” and end tax advantages for those who hold passive investments, such as stocks and real estate, in their small businesses.
“Speaking of tax changes, I want to be clear: people who make $50,000 a year should not pay higher taxes than people who make $250,000 a year. We are always open to better ways to fix that problem, but we are going to fix that problem,” Trudeau said.
A Liberal who was inside the caucus room said “a lot” of MPs stood up during the morning session to question Finance Minister Bill Morneau about the changes and to air their concerns. Morneau fielded questions on the proposals for more than an hour, the Liberal said.”
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