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Report on Small Business newsletter: marijuana tourism ventures and financial firms brace for hit from tax changes

There are around 20 Canadian properties listed on Budandbreakfast.com, an Airbnb-style property listing website focused on cannabis-friendly accommodations.

budandbreakfast.com

Accountants, financial planners brace for hit from tax changes

Financial professionals are bracing for a drop in revenue if Ottawa goes ahead with proposed tax changes for incorporated small businesses.

If the rules change, accountants and financial planners who prepare the books and invest for these business owners say their clients will be discouraged from using their corporations which, in turn, means less work for those in the industry.

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The Liberal government has released draft legislation that would limit business owners' ability to reduce their family's tax bill by "sprinkling" income to family members who do not work for the business, as well as the owner's ability to convert income into capital gains. The government is also proposing to restrict the use of a small business as a vehicle for making passive investments, such as in stocks or private companies, which are unrelated to the operations. (Globe subscribers) Full story

Finance committee chair Wayne Easter denounces his own government's rollout of tax changes

The Liberal chair of the Commons finance committee is rebuking his own government's rollout of proposed tax changes, stating that it was a mistake to portray small-business owners as tax cheats. (Subscriber content) Full story

Canadian tech leaders warn new tax rules may hinder startups, innovation agenda

Canada's high-tech community is warning that proposed small-business tax changes will undercut the Liberal government's efforts to boost innovation and expand the sector. Full story

Cannabis companies eye tourism opportunities as Canada prepares for legalization

Marijuana companies are dreaming up everything from winery-style grow-op tours to weed-and-yoga retreats in the Rocky Mountains (Globe subscribers) Full story

Ontario labour reforms nothing to fear, some small-business owners say

Entrepreneurs who have seen their businesses flourish while paying above minimum wage and adding other employee perks will share words of encouragement at a Sept. 12 conference in Toronto. Full story

This small business makes fake food that looks good enough to eat

Two Hot Peppers is a Mississauga-based business that makes artificial food for home decorators, trade shows and more. All of it is made out of the owner's basement. Watch video

More small business news from around the web

Vancouver startup involved in city's short-term rental plans

As the City of Vancouver considers ways to regulate short-term rental properties like the ones found on Airbnb, a local startup is helping them address concerns over safety and security. Full story

Curry house immigration raids 'unfair', say restaurant owners

Home Office defends measures which have resulted in arrests and fines across the country Full story

Small business gets tax cut, corporate rates rise

Corporate income tax rates are rising and there's a tax break for small business in B.C.'s budget update, but overshadowing the new government's balanced books is the spectre of global uncertainty, particularly with our southern neighbour. Full story

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