OTTAWA—Bill Morneau is scrambling to calm the fears of nervous Liberal backbenchers who’ve been inundated with complaints about the finance minister’s plan to eliminate loopholes that give some wealthy small business owners an unfair tax advantage. The conference call came as Liberal MPs prepared to air their concerns and push for changes to the proposals during a caucus retreat next week in Kelowna, B.C. Among the myths Morneau is trying to dispel is the coalition’s contention that his proposals will impact all small business owners, two thirds of whom are middle-class Canadians earning less than $73,000 per year. But Finance officials counter that those risks are recognized by a host of other preferential tax measures afforded to small businesses, including the lowest small business tax rate among G7 countries. The intent, they say, was never to create an unlimited tax shelter for the wealthy who incorporate their businesses.

Source: thestar August 31, 2017 23:26 UTC