Madam Speaker, I am pleased to have the opportunity to speak about the government's proposals concerning tax strategies involving private corporations. As members know, we are currently conducting consultations on proposals to address tax benefits for private corporations.
The government has asked stakeholders from across the country to provide their comments. It listened to what they had to say. The government found many of these comments to be helpful as they helped it better understand the impacts of its proposals. I can assure my colleague that we will report on what we heard and that, together, we will make decisions that will result in a fairer tax system.
It is important that we highlight some of the facts. To begin with, we are not increasing the small business tax rate. Canadian small businesses will continue to benefit from the lowest small business tax in the G7. Our proposals will have no impact on business's ability to save or invest for business. Our proposals will not affect individuals' ability to incorporate their businesses, nor will they prevent business owners from employing family members. It is also important to know that middle-class Canadians and small businesses are not the focus of our proposed changes.
We recognize that there are business owners and professionals who have saved and planned for their retirement under the existing rules. On this matter, I want to reassure everyone that our proposed changes to passive income taxation would only apply on a go-forward basis, not to existing savings, nor to investment income from those savings.
We will not introduce any measures that compromise this extraordinary advantage. That way, our businesses will continue to create jobs and to invest in their community. After all, Canada's corporate tax rates are among the most competitive in the world. For example, its small business tax rate is the lowest of all the G7 countries.
