Fort Saskatchewan's Chamber of Commerce is worried about Prime Minister Justin Trudeau's tax hike.
The federal government is looking to make some changes to taxes, something investors have said will stifle entrepreneurs.
Bill Morneau, the federal minister of finance, has outlined a number of things in his tax reformation. Among them, he wants to put a stop to "income sprinkling," where business owners move some of their income to family members through salary or dividends. He also wants to stop "passive investment income" where money left in a corporation is invested for things other than growth. A stop will be put to converting regular income into capital gains to get a lower tax rate.
The Fort Saskatchewan Chamber of Commerce is slamming Morneau's changes and timing as radical.
"Businesses such as farmers are busy in the fields, they don't have time to work on their businesses and take a look at what these impacts might be," explained Tamara Dabels, executive director of the Fort Saskatchewan Chamber of Commerce. "We have a lot of families that own businesses, they take some time to spend time with their families and they might not even be aware that these changes are coming down the line."
The Chamber is worried the changes will affect how businesses operate, invest in the community and how they price their goods to make up for the change in their bottom line.
"We strongly urge our businesses to learn about how these changes will impact their businesses and to write their Member of Parliament or the Minister of Finance about their concerns."
The 73-day consultation period ended September 2, but letters are still encouraged.