The Greater Charlottetown Area Chamber of Commerce says it welcomes a new tax proposal unveiled over a series of announcements this week by the federal government.
Chamber President Rory Francis says this new proposal signals that the federal government is recognizing the concerns of Canadian businesses. Wednesday’s announcement specifically underlined the importance of passive income investment for small businesses. He says that at first glance, the $50,000 threshold on passive investment income proposed appears to be low, and the Chamber will be further investigating the impact with tax specialists and membership.
Francis says the announcement that the proposal to limit the Lifetime Capital Gains Exemption is now off the table shows the federal government is acknowledging the importance of family succession planning for small business.