KAMLOOPS — Kamloops-Thompson-Cariboo Conservative MP Cathy McLeod is no fan of the federal government's proposed changes to small business taxes in this country.
The proposed change aims to put the brakes to "income sprinkling," a tax loophole which allows business owners to give money to family members who earn less money so they can be taxed less. The federal government is in the midst of a 75-day consultation period with Canadians across the country to discuss the matter.
"It's not just my reaction that is important, but it's the reaction of small businesses from across this riding and across this country," she says. "This particular move by the federal government will have enormous unintended consequences. It is a real slap in the face for hard working businesses. I mean the government has basically called them tax cheats, that they're abusing loopholes."
McLeod says those "unintended consequences" include making Canada a less attractive place to recruit doctors.
"If we make it less attractive for doctors to practice in Canada, they'll go where they're more appreciated."
Then there's the effect it could have on families she argues.
"It will also mean if you're trying to sell your family farm to your son or daughter or other family member, the tax implications are worse for you than to sell it to a global conglomorate. You'll have a bigger tax bill if you sell it to your kids than to a big company. That is wrong."
McLeod adds it's easy for Prime Minister Justin Trudeau and Finance Minister Bill Morneau not to understand the burden the proposal would impose, considering both were born into privileged families.
"Both were born with a lot of money and don't undersand what's happening out there. They need to listen to their own caucus, because a number have raised red flags."
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