I wrote a blog about intimidation versus straight talk today, but I was too intimidated to post it. So, I’ll save it for sometime in the spring.
On a safer topic, finance minister Bill Morneau has sparked outrage in the business community.
He plans to hit small businesses with an over 30% tax hike. Morneau says that incorporated small businesses are no different than a salaried employee.
Tim Paziuk wrote a great list that shows how Morneau is wrong.
Paziuk is an accountant specializing in Canadian professional corporations. His book on corporations was invaluable, when I was setting up my own corp.
The only thing I can add to Tim’s list is that corporations have a greater burden of accessing financing and complying with regulations.
Incorporated vs. Salaried
Morneau starts his dreaded tax proposal by asking us to imagine an incorporated person and her salaried neighbour. Morneau makes a dishonest comparison, and Paziuk shows why below. Continue reading “Incorporated vs. Salaried”