The Greater Charlottetown Are Chamber of Commerce (GCACC), representing 1000 members who employ almost 20,000 Islanders, expressed concern with the proposed changes outlined in the July 18 consultation document titled “Tax Planning Using Private Corporations”.
The Chamber believes this document paints an unfair picture of business in PEI, and across the country. Statements from the federal government suggest these changes will only affect the wealthiest Canadians. The Chamber disagrees with this statement based on the overwhelming amount of feedback received from our members, as well as what we discovered through consultations with a number of tax specialists. The implications of these proposed changes will reach well beyond closing a few tax ‘loopholes’ as has been suggested.
Click here to read our submission and recommendation.