Minister of Finance Bill Morneau (“Morneau”) met with small-business owners in British Columbia earlier this week to hear their complaints about and concerns with the tax proposals which were launched on July 18, 2017. With a consultation process of only 75 days, doctors, farmers, small business advocacy groups and various professional associations have been quickly digesting the significant proposed changes and making their views known about the negative impact these measures will have on Canadians.

Morneau stands firm on his tax proposals, as he has yet to hear an argument that might convince him to withdraw his proposed tax overhaul plan. The government has taken the position that certain Canadians are using private corporations to take advantage of tax opportunities that are not available to others.  In an effort to close tax loopholes, the government aims to implement rules that restrict income splitting among family members, holding passive investment income inside a private corporation, and converting dividend income into capital gains.

Morneau is embarking on a cross-country tour to listen to more feedback on the plan. There is less than one month to go until the consultation process is over and the proposed changes very well could be passed.  Speak your piece before October 2, 2017, or forever hold your peace.