Prime Minister Justin Trudeau defended his government's proposed tax changes for incorporated small businesses during a press conference after a spirited caucus meeting in Kelowna, B.C., where talk over the controversial changes dominated discussion. Many small business owners are frustrated with changes the government says will level the playing field between proprietors and wage earners and close "loopholes" used by some to lower their tax burden. The Conservatives have branded the proposals as an assault on small business, with leader Andrew Scheer accusing the prime minister of branding the country's incorporated professionals as tax cheats. Trudeau says tax changes aimed at wealthy Canadians4:06Finance Minister Bill Morneau announced the tax proposals in July, kicking off a 75-day consultation process to elicit feedback. Morneau reiterated that the proposed changes would be retroactive and would only be applied in the future to passive investments held in a small business.

Source: CBC News September 07, 2017 19:26 UTC