Egland scores Teddy Bear Toss goal but Pats lose in OT
5h ago
Over 3,000 stuffed animals were tossed onto the ice.
Finance Minister Bill Morneau is expected to unveil his controversial small business tax plans at a special caucus meeting in Ottawa Monday. The proposed changes have drawn a wave of backlash from doctors to farmers, as well as a few Liberal backbenchers.
While in Washington, D.C. Friday, Morneau hinted at his revisions and implied he has taken into consideration the criticism — especially the concerns coming from farmers, female entrepreneurs and small business owners.
That’s good news for Duane Thompson, who farms and ranches near Kelliher.
He said it’s encouraging to know Morneau is thinking about producers, but he hopes the Trudeau government doesn’t make any drastic shifts to intergenerational transfers, which would make it nearly impossible to pass his business down to his children.
“The system that we’ve had in place up until now has made it that I was able to come back to the business and my children would be able to come back to the business, so if it affects that in any adverse way, I’d be very concerned,” he said, adding three of his four kids are interested in taking over the business.
Despite increased technology and growth over the years, Thompson said family farms are a mainstay in Saskatchewan culture, and it’s important to encourage the next generation to continue that tradition.
“Even though we’ve incorporated and we use the tax laws the way they are, it’s still family farming — we still operate as a family. It’s not corporate agriculture,” he explained.
When it comes to the proposed changes to capital gains or income sprinkling, Thompson added he hopes the Liberal government also reconsiders as he has children working on his farm.
The small business tax reforms were initially targeted at the wealthy. Specifically, so the rich couldn’t use incorporated small businesses to unfairly cut down their income tax burden.