Dear Santa,
In 2014, small business has continued to work really, really hard to support communities across Canada. We provide jobs for 7.7 million people, representing 70% of the private-sector employment in the country. We pay taxes to all levels of government including sales taxes, income taxes, payroll taxes and property taxes. We do our best to abide by the plethora of rules coming from government too—although the sheer volume of rules to comply with can be very challenging—sales tax compliance, Statistics Canada surveys, records of employment, recycling rules, sign by-laws, business licensing, employment standards, income tax forms, payroll taxes, privacy policies, anti-spam legislation, and the list goes on.
As you’ve taught us, it’s important to believe. And we have remained optimistic in the face of adversity and global uncertainty. Every day we serve and support our customers to justify their confidence and support. We greatly value our employees and we give as generously as we can to local causes, including supporting local sports teams and Christmas events in your honour.
We hope you agree, Santa, that we have earned a spot on your nice list.
In terms of presents, we’re not asking for much:
• Our first wish is our most important: that our valued customers continue to support us.
• A few years ago the Canada Revenue Agency gave us a great gift when they agreed to respect advice given in writing through their “My Business Account.” This is critical protection against an auditor telling us we owe a lot of money for following bad government advice. This year it would be great if CRA would extend their fairness and respect all written advice they give, including the advice in their tax bulletins.
• Speaking of taxes, most of us think it’s time to reduce the small business tax rate. In 2000, the small business rate was at 12% while the corporate rate was 28%. Today, the small business rate is 11% while the corporate rate has fallen to 15%. As you know, we don’t have the same resources as bigger companies so we face far higher tax and regulatory burdens per capita. Reducing the small business rate to 9% would help us strengthen our businesses by investing in capital, improving wages and hiring.
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