Thank you.
I am an accountant in public practice in Yellowknife. I am appalled by the impact the current income tax changes will have on small business in Canada. What I'm going to say is based on what a colleague, Jason Stephan, says, and I agree with him.
The after-tax economics of starting or growing a family business in Canada will be less attractive. Also, with diminished retained profits in small private corporations, there will be less investment and employment in Canada.
The tax changes in concert with other significant tax increases will make Canada uncompetitive vis-à-vis other jurisdictions for individuals and families to start and grow a family business. That includes competition from the U.S. with upcoming tax reforms.
Exporting jobs and businesses out of Canada is not good tax planning.
Thank you.