Outrage over tax changes

Proposed tax changes being contemplated by the Trudeau Liberal government remain the single largest concern I am hearing about on a daily basis.

Although I have heard some support for these potential tax increases, the overwhelming response to date has been strongly opposed.

I have also heard some specific concerns from a number of local accountants.

When the prime minister was in Kelowna for the Liberal caucus meeting, he stated that “people who make $50,000 should not pay more taxes than people who make $250,000.”

I believe most would agree with that statement.

Unfortunately, as many accountants have taken the time to share with me, this statement is not even close to being accurate.

In reality, a small business owner, doctor or other person would indeed be paying tens of thousands more than one who earns $50,000 per year.

This is one of the reasons why there is such a large amount of outrage from many small business owners who feel the prime minister either does not understand the impacts of our existing tax laws or is intentionally misstating them in an effort to draw public support for the proposed tax increases.

From my perspective, I will grant the prime minister the benefit of the doubt and assume he misspoke with this comment, as can inadvertently occur with any elected official.

For the record, I will continue to oppose these tax changes in Ottawa and encourage the Liberal government to be more transparent with its talking points.

Updating another matter I have previously raised:

Some of you may recall I have mentioned that the federal agency responsible for regulating banks and other financial institutions has issued new enforcement regulations prohibiting the use of terms like “bank,” “banker,” and “banking” by basically any entity other than the big banks.

Credit unions, which have traditionally been allowed to use these common terms would no longer be allowed to do so.

This would not only create consumer confusion, it would also impose more costs and regulatory compliance burdens on credit unions that in turn would be passed onto credit union members.

Suffice to say these proposed restrictions also generated overwhelming public opposition. As a result, the financial regulator has temporarily suspended this enforcement action while it begins a series of consultations.

I believe this should be taken a step further.

I am working on a bill that would amend the Bank Act to make it clear that credit unions can continue to use terms such as “bank,” “banker,” and “banking” without fear of the Office of the Superintendent of Financial Institutions (OSFI) coming after them.

I had hoped the Liberal government would introduce similar legislation, but in the absence of any my only recourse would be this private members bill.

Would you support a private member’s bill to amend the Bank Act and allow credit unions the continued use of terms such as such as “bank,” “banker,” and “banking?” I can be reached at Dan.Albas@parl.gc.ca or 1-800-665-8711.