CHARLOTTETOWN -- The Liberal premier of P.E.I. is calling on the Trudeau government to hold off implementing its proposed tax changes, saying they are causing "significant concern and uncertainty."
Wade MacLauchlan issued a statement today saying many business owners on the Island have said they are concerned the proposed changes to corporate tax laws could impede succession planning, particularly in the agriculture and fishing sectors.
The premier says he has sent a letter to federal Finance Minister Bill Morneau to also ask for an extension to public consultations.
MacLauchlan says the Island has been experiencing strong economic growth, which he attributed to the entrepreneurial spirit and risk-taking of small- and medium-sized business leaders.
He says it's important that business leaders understand the changes because the existing confusion could lead to a "significant dampening" on future growth.
Morneau has said the changes are meant to end tax advantages that some wealthy business owners have unfairly exploited and to ensure all Canadians have a level playing field.
"While proposed changes to tax systems always promote debate and discussion, my government has received a substantial number of enquiries from business owners who remain unsure as to the scope and impact of the proposed changes," MacLauchlan said in a statement.
Several other premiers, Liberal and otherwise, have voiced similar concerns, including Nova Scotia's Stephen McNeil, who said he was concerned about the impact the tax changes could have on health-care recruitment.
