Entrepreneurship & Small Business

What will happen to business taxation?

  • Last Updated:
  • Apr 6th, 2020 10:41 am
[OP]
Newbie
Feb 7, 2019
82 posts
31 upvotes

What will happen to business taxation?

Do you guys think that with all this public debt accumulating, the government will increase business taxes when this virus thing is over?
Do you think small business should expect increased taxes for 2020 if they are making a profit?
2 replies
Deal Addict
May 12, 2014
2901 posts
2647 upvotes
Montreal
Deficits are going through the roof.


There are only 3 ways to pay for deficits:

1- Reduce spending, ie service cuts. Rarely done in any significant amount historically (last time was the 1990s in Canada)

2- Increase productivity of the economy. Eg invent the internet, increase trade, reduce regulations. Unlikely given current public sentiment. In fact it's most likely that regulations and trade barriers will increase.

3- That leaves tax increases. And lots of them. (Included here are stealth tax increases like higher inflation)
Deal Fanatic
Oct 7, 2007
8328 posts
4288 upvotes
This government was always open about running deficits even before the crisis. We also know how generous they have been with many handouts and benefit programs. When we vote for governments that run this way, we are also voting for more taxes, and this is before we factor in any crisis. If we want better fiscal management after this crisis is over, we need to think about electing people (and these could be from any party) that are strong in transparency, financial literacy and care about the fiscal future of this country. The way this crisis has been handled is showing us a lot about their strengths and weaknesses and more will be learned as we go. I hope people are paying attention because after all of the money has been distributed, there is going to be one heck of a bill to pay. Hopefully, the money paid will have softened the blow but unless there is a plan in place for how we are going to navigate our way out of this mess, I don't think it is going to be easy. Smart, caring decisive leadership is going to be needed if this country is going to make it. I don't care who is in power but they need to be smart and caring about Canadian people. Anything less and they are not doing their job.

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