Our Canadian Liberal government wants to increase income taxes for small businesses. As a small business owner of GARDENS4U I cringe at the significance this has for me.
Like myself, many small business owners have risked starting a business based on a particular passion. We have taken many years to build clientele and show a profit. Tax breaks are few and far between making it possible to follow a dream and succeed, but rarely get rich. Some years are good, others great, yet some not so good. Proceeds from the good and great years must be used to subsidize the not so good years. You know the saying “save for a rainy day.” Increased taxes mean less savings.
Most owners and employees of small businesses are dedicated and passionate individuals that do not get benefits, pensions or severance packages if the business goes under. The absence of these “perks” creates a great risk for both the owner and the employees. New taxes will squash the dream of entrepreneurs with a passion whether the business is already up and running or still in the planning stage.
Does the Liberal government really believe increasing the income tax levels of small business owners will significantly build their coffers? The money gained will be a drop in the bucket compared to the massive national debt owed. They might want to look elsewhere for bigger fish and leave us little guys alone.
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