By Tom Mark

Local Chamber Of Commerce Welcomes Tax Changes

Oct 16, 2017 | 11:43 AM

The Greater Vernon Chamber of Commerce is is optimistic the federal government has heard what the business community has had to say about tax reform.

The government announced this morning the small business tax rate will drop to 10 per cent in January and 9 per cent in 2019.

Chamber General Manager Dione Chambers says it’s a start.

“It’s an interesting question because we’re still waiting to see what the results of the tax reform will be. They’ve announced that will be coming Wednesday. So, really it’s interesting. There’s some positive news but we’re still waiting to see what the final outcome will be on the tax reform.”

The tax rate applies to the first $500,000 of active business income.

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The government says the reduction could leave small business owners with as much as 7500 dollars more each year.

“You know, until you get the official announcement it’s hard to say what is good news for what the small businesses are looking for or what the Liberal Party is looking for. So that’s what were waiting to see.”

Chambers adds it appears the government is following through somewhat on it’s promise to hear what people had to say during a recent consultation period.

“It sounds like it. They’re saying all the right things today. This morning there was some very positive information that came forward. We’ll know truly on Wednesday whether they were listening.”

The other part of the announcement today was that the government won’t be changing the lifetime capital gains rule, which could also leave more money in small business owners pockets.

by Tom Mark