ACTIVE/PASSIVE TAX INITIATIVE UPDATE
We last reported that we were successful, with the assistance and strong support of the Canadian Federation of Independent Business and our terrific partnership with them in getting at the very least, our request for an exemption to the minimum number of employees tax rule for the entire Canadian Self Storage industry. On April 21, 2015 the Canadian Government committed in their 2015 Federal Budget to “review the circumstances in which income from a business, the principle purpose of which is to earn income from property, hold qualify as active business income”. Self Storage was specifically mentioned in this statement in the Official Budget. We were then asked to submit information on behalf of all Self Storage owners in Canada no later than August 31, 2015. As you all are aware….then came the calling of the Federal election and with that, the disillusion of Parliament. That did raise some concerns and the Minister of Finance’s office was contacted to confirm that our review would still be carried on. The great news is that the answer was YES! So the CSSA worked closely with the CFIB to prepare the best submission possible with hopes of success on our exemption request. The following are the letters that were submitted to the Honourable Minister Joe Oliver…
CFIB Responds to Active vs. Passive Income Consultations, August 2015 (1)
and
CSSA-ACTIVE PASSIVE LETTER-FINAL
So, now we wait. We have been advised that because of the looming Federal Election, we will not hear any results until afterwards. This is not a bad thing though as it does allow any of you that wish to be pro-active, to please be sure to contact your local Federal Candidates of all parties to let them know that there is a small business in their riding that is directly affected by this current tax rule and that when this item crossed their desk for review and a vote, to please remember your conversation with them. If there is ever a time for our voices to be heard….it is election time!
For more information, please feel free to contact us at 1-888-898-8538 or at info@cssa.ca
Thank you everyone for your continued support of the Canadian Self Storage Association!