Finance Minister Morneau, in his July 18th tax proposals, imposed a strictly cosmetic “consultation” deadline of October 2nd. I, and many others, have expressed concern that the most massive tax changes in 45 years might be made with such an insignificant review. The Department of Finance has received over 21,000 written submissions. Just the submission from the joint Committee of the Canadian Bar Association and the Chartered Professional Accountants is in excess of 150 pages. If Finance comes out with revised rules any time soon, we will know for certain that they have not considered the submissions. That many submissions would take months to consider properly.
Hopefully, saner heads prevail in the Senate, the “house of sober second thought”. The Senate has referred the tax proposals to the Senate Standing Committee on National Finance to conduct public hearings into the proposed changes to taxation of private corporations and their shareholders.
The Committee is traveling to Atlantic and Western Canada and will as well as holding hearings in Ottawa to hear from stakeholders in Ontario and Quebec.
The Ottawa dates are October 17 & 18, October 31 and November 1 (so far).
The Senate Committee has, as I understand it, heard as much as they want from the professionals. They want to hear from the business and farming community and how the proposals will affect these groups. They have now opened the process to everyone.
If you would like to appear, you can request to do so via the Committee Clerk, Gaëtane Lemay, or to the Committee itself.
It is time for the business and farming communities to stand up and be heard.