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The federal government announced new rules for income-sharing by introducing a reasonable test for family members, except if those family members are:
- A spouse over the age of 65
- Over 18 who make a "substantial labour contribution" of at least 20 hours per week
- Over 25 who own 10 per cent or more of a business that earns less than 90 per cent of its income from the "provision of services"
The Standing Senate Committee on National Finance released their report on tax reform the same day recommending a delayed implementation of any tax changes for at least one year and, consistent with chamber advocacy:
"That the Government of Canada undertake an independent comprehensive review of Canada's tax system with the goal of reducing complexity, ensuring economic competitiveness, and enhancing overall fairness".
Read the Senate report: Fair, Simple, Competitive Taxation: The way forward for Canada
Read Finance Canada's Press Release: Government Simplifies Measures to Restrict Income Sprinkling
For more information regarding Corporate Tax Changes visit our advocacy page on our website here.
In this edition of 5 Minutes for Business, Jayson Myers, Canadian Chamber of Commerce Senior Vice President of Policy, examines the role profit plays in driving growth and assuring economic prosperity for Canadians. This role should be a fundamental tenet of all government decision-making. Our governments must at least be aware of the negative impact higher taxes and regulatory compliance costs have on profits, job creation and business investment. This holiday season, let's celebrate profit! Read 5 Minutes for Business.
This can be marked as a win for Medicine Hat and a win for our Chamber, as we had encouraged Government to make sure that they considered our region for alternative energy projects and also had a policy on alternative energy which was adopted in 2014. We had not renewed it last year, as the Government was moving in that direction.
‘Developing a Framework for Alternative Energy in Alberta’ was renewed in 2014, after previously being adopted in 2011 and completed in 2017. We are pleased that three companies were chosen in the opening round of the Renewable Electricity Program, which will result in about $1 billion of private-sector investment in green power generation in Alberta. The successful bids have set a record for the lowest renewable electricity pricing in Canada and are all projects based in southern Alberta.
- Capital Power, which will build the 201-megawatt Whitla Wind project 60 kilometres southwest of Medicine Hat.
- EDP Renewables Canada Ltd., which will build a 248-megawatt wind farm at their Sharp Hills project east of Hanna, roughly 50 kilometres north of Oyen.
- Enel Green Power North America, Inc., which will build two projects – the 115-megawatt Riverview Wind Farm and the 31-megawatt Phase 2 of Castle Rock Ridge Wind Power Plant just outside of Pincher Creek.
Celebrate our 50 year's in business with savings of up to 50% off! Richardson's Jewellery was established in 1967 and continues to showcase the most complete selection of jewellery products in our region. From our well priced Canadian diamonds to our fun and fashionable sterling silver we've got the perfect gift!
The Centre for Elder Research, Sheridan College, Oakville,(ON) is conducting a national study to learn more about new and established Canadian entrepreneurs age 50+ as well as those individuals 50+ who are actively pursuing a defined business idea. Individuals 50+ represent the fastest growing age demographic for founders of start-up businesses in Canada, and the trend continues to rise. Despite this, little is known about older entrepreneurs. The purpose of this study is to address gaps in knowledge by investigating the experiences, needs and interests of new and established entrepreneurs in this group. The study is funded by the Canadian Education and Research Institute for Counselling (CERIC), and we want to ensure entrepreneurs age 50+ from all Canadian provinces and territories have an opportunity to contribute to this study. The results of this survey will help the Centre for Elder Research to learn more about the experience of Canadian entrepreneurs in this group. The results will inform a report and recommendations that will be made public with the intent that supports offered to older entrepreneurs truly reflect their needs and interests. If you meet the age requirements, feel free to complete the online survey.