BELFAST - Belfast-Murray River MLA and Opposition Finance Critic Darlene Compton wants a Legislative Standing Committee to hear from Island business and professional groups about proposed federal changes to how small businesses are taxed.
“From new startups to established family owned businesses, small businesses are a powerful engine for our economy. That’s especially true here on Prince Edward Island where we have a high number of small businesses in sectors like tourism, farming, fishing, IT and retail. The proposed changes to how small businesses are taxed would have wide ranging economic impacts so I think it’s important for us as MLA’s to hear directly from Island groups and sectors that could be affected,” said Compton.
The federal government has proposed changes to the way that small businesses are taxed that could see significant changes to the tax burden of small businesses, particularly family-owned businesses. A public consultation period on the proposed tax changes expires on October 2nd, increasing pressure on affected entrepreneurs, families, groups and industry sectors.
In order to gain a better perspective on potential local impacts Compton has written the Standing Committee on Education and Economic Development to request a hearing at the earliest opportunity where affected groups could explain how the changes would work in practice locally.
“I’ve also heard concerns that these tax changes could affect our ability to attract and retain health professionals, particularly young doctors. Recruiting and keeping doctors practicing on the Island is already a challenge so the last thing that we want to see are tax changes that will make that job even tougher,” said Compton.