Tax worries
Uncertainty looms as tax policy talks continue
Rod MacNeill and Derrick Curley don’t know for certain what will happen once new tax reform initiatives come into effect, but they are concerned. “Taxes in Canada are a unbelievably complex thing, for any kind of business. So it’s hard to say in any case what will happen because there is so much uncertainty,” said MacNeill. Curley agreed.
“It’s beyond my scope, but we are concerned.”
On Friday, Curley one of the owners of Monaghan Farms, and MacNeill who helps the potato growers with marketing, took agriculture critic John Barlow, and MP Rob Moore, who has recently taken on the role as an Atlantic issues critic for Andrew Scheer’s Conservatives, for a tour of the facility. In recent days, Moore and Barlow have toured the Maritimes speaking with agriculture producers about their concerns regarding the Liberal Government’s proposed tax policy changes.
“The actions taken by the Liberal government over the summer and fall have been very detrimental. They will impact small businesses, family farms, incorporated businesses, the agriculture industry and the government denied it would be bad for these industries. But now they’ve had to come out and admit that it will have a negative impact,” said Barlow, a Conservative MP from Alberta. In July, Morneau announced the tax reform policies they government was looking to put in place, which would impact income sprinkling and passive investment income. Barlow said income sprinkling has nothing to do with amount of income.
“If their plan goes through, farming families who want to share their funds between husbands, wives, parents, kids aunts, uncles would have to keep track of everything they do and then would be subjected to a review by the CRA. Then they have to pass out this text and until they do it’s like the government is saying they are tax cheats and are guilty.”
Barlow says there is a lot of anxiety regarding the new tax plan.
Moore, a former member of parliament for Fundy Royal said many raised their voices over issues regarding NAFTA and the need for supply management.
“It’s come up at every meeting. And they are concerned about intergenerational transfers for farming families.”