For anyone with a small to medium sized business including real estate investors who invest using corporations, you’re probably as disappointed as I am in Minister Morneau’s proposed changes to the tax benefits we small business work so hard to earn. Here’s a great one line summary of the proposal: "income taxes are highly unfavourable to business owners and investors who, unlike consumers, pay tax twice: once when they earn their income and a second time after they invest it and pay taxes on the returns.” “These measures, contrary to much of the news coverage, aren’t just targeted at the “rich” but will also hit middle-class business owners, are expected to increase federal taxes by $250 million, and provincial revenues by roughly another half of that. This is just one more way to discourage entrepreneurship, on top of all the tax increases in the past two years. If the Republicans’ plan for tax reform happens in the U.S., even more young entrepreneurs will be looking to head south instead of here.“
With these proposed new taxes going on, I caught up with real estate Accountant Cherry Chan, chartered professional Accountant. She’s also a mom, a small business owner with employees and a real estate investor with several properties so she’s no different than you and I accept she knows a bit about tax and Accounting.
In this episode, Cherry will talk about how why these changes are bad for your business and what you can do about it.
Without further ado, I present to you, real estate Accountant Cherry Chan.
For a FREE copy of Cherry’s book: COMPLETE TAXATION GUIDE TO CANADIAN REAL ESTATE INVESTING: HOW TO MAXIMIZE YOUR REAL ESTATE PORTFOLIO AND MINIMIZE TAX, click here: http://realestatetaxtips.ca/book/