A lot of concern was expressed last Thursday morning when the Pictou County Chamber of Commerce hosted a breakfast to review proposed tax changes and how they will affect business owners.
Nathan MacLeod, senior manager with Grant Thorton, spoke to the chamber members and others who attended the event, held at Summer Street Industries, how the new changes will interact with the business community. Selling your business and the ownership you have in a business were the big topics he touched on as well as the extra taxes that will go along with these things.
“What was already a disadvantage, selling your business to a family member, has been exacerbated,” he said. MacLeod also spoke about how all the financial and tax planning that some business people have done for their future and retirement will go out the window with the proposed changes.
“If you don’t like what you’re hearing, you don’t like the new rules, tell your MP,” he said, ending his presentation.
Jack Kyte, executive director of the Pictou County Chamber of Commerce, echoed MacLeod’s words as he spoke at the end of the session, encouraging those who are unhappy with the proposed changes to speak out.
“The proposals are complicated and we continue to hear from business owners that they don’t understand them,” said Kyte about why the Chamber held the session, which ended up being a full house.
“We’ve had a lot of feedback from business owners that are very upset.”
Kyte said he feels as though the government has been explaining the changes too simplistically and are pitting business owners against non-business owners with the new changes.
“We’ve already met with our local Member of Parliament and made a submission on behalf of the chamber,” Kyte added.
Nathan MacLed of Grant Thorton explains to a packed room what effects the new tax changes will have on businesses. (Brimicombe photo)