(Dec. 3/17): Restaurants Canada remains active on the small business tax changes file. We were encouraged by the changes proposed by the government in response to pressure from Restaurants Canada and the Coalition for Small Business Tax Fairness, but there is more to be done.
On November 20, Restaurants Canada was one of 62 signatories on a letter addressed to Finance Minister Bill Morneau, congratulating him for heading the advice of small business owners and operators to reduce the small business tax rate from 10.5% to 9%.
But we also pressed him on issues not yet addressed and for clarity on how the changes will be implemented. As some measures are scheduled to come into effect early in 2018, we asked for details and an extension to help members adapt. Whether it is on income sprinkling, passive income or inter-generational transfer, clarity is still needed.
Our group also went public with those demands in a November 22 press release.