MORNEAU ADMITS CHANGES WILL BE NEEDED TO TAX PROPOSALS

Oct 03, 2017

By Michael Kramer

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Canada’s Finance Minister says changes will be needed to the Trudeau government’s proposals – to reform parts of the tax system.

Bill Morneau says the government will review the feedback it got – during a 75-day consultation period that ended Monday – and will respond with changes – so it meets the goal of making sure the system is fair – and encourages investment.

The Finance Minister also says he intends to provide clarity asap for small business owners – who’ve have expressed concerns about the potential negative impacts of the proposals – and lingering uncertainty.

The proposals have faced an onslaught of complaints from a range of sources – including entrepreneurs, doctors, farmers, tax professionals, provincial leaders and backbench Liberal MPs.

Morneau has framed the changes as a necessity to end tax advantages – unfairly exploited by some wealthy business owners.

But opponents of the plan contend they will hurt middle-class business owners – and damage the economy.

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