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Sat, Jul 20, 2024
Tax Campaign Proposal

Tax relief for the Self-employed

The Goal of the campaign: income tax exemption for the first $10,000 self-employment income.
We propose that individuals with non-professional self-employment income as a major source of income, either from a sole proprietorship or partnership, may have the first $10,000 of that income deducted from taxable income. In other words, the amount of income may be included in calculating total and net income but excluded from taxable income. Where the business of the self-employed is incorporated, the full amount of the first $10,000 is exempted from corporate income taxes if the total capital (due to shareholders, long-term debt, and ownersĄŻ equity) used by the business is less than $200,000. The exempted amount is proportionately reduced with the total capital exceeding $200,000 up to $400,000.

Current income tax laws: a product of power politics
Canadian taxation provides all kinds of tax credits, deductions and exemptions reflecting the interests of various politically powerful groups; none were designed to help relieve the pain of the powerless self-employed. Just name a few, R & D credits, foreign tax credits, stock option and shares deductions, and overseas employment credits are all designed to help big businessĄŻ expansion, both at home and overseas; labor unions have their labor-sponsored funds credits; politicians are helped by political contributions credits; the investors include only part of the capital gain in income and the inclusion rate has been reduced from 75% to 66.67%, and then to the current 50%; the tuition and education credits have been dramatically increased as a result of recent students campaigns. There is nothing for the self-employed; instead, they are being hurt by the ever-increased percentage of mandatory CPP contributions.

A dollar earned by the self-employed is not quite same as a dollar earned by other members of the society and therefore it should not be taxed the same way. The self-employed people, owners of convenient stores, restaurants, bars, coffee shops and other small business providing products and services for the CanadiansĄŻ daily life, work exceptionally hard to earn a very low income. What they earn is not comparable to their long work hours, their working conditions, the risk at work, the investment in the business from their savings, the social discrimination and prejudice. The economic situation of the self-employed will continue to deteriorate under the current "self-help" system. The unions can exercise their power to increase wages, big businesses have no problem to protect their interest by increasing their prices, professionals have never stopped increasing their fees, politicians may vote to give themselves a raise. The self-employed are the only group that is left behind.

Action plan:
*Form a coordinating committee including people of different ethnic background;
*Fundraising events;
*Collect signatures;
*Letters to local MPs;
*One-day national Self-employed Awareness Day, calling for the closing of all restaurants, convenient stores, coffee shops and other stores.
*Gathering in Ottawa
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