New legislation from the Trudeau government could harm small businesses in Drumheller.

The proposal, introduced in July, aims to close a tax loophole used by doctors, lawyers and small business owners throughout the country.

Jeff Hall, a financial planner in Drumheller, explained the proposal.

"Concerns are really in three areas. One is with respect to income sprinkling, or income splitting, between family members. The other is with respect to passive investment income retained inside a corporation, and the final area is with respect to capital gains."

Hall cautioned the new proposal could have a widespread effect.

"There's definitely lots of impact on all small businesses we're going to see. It's not simply the incorporated doctor or lawyer or what have you. It's going to impact every single small incorporated business out there."

"Now is not the time to be implementing hurdles for small business owners. I think our economy is starting to, perhaps, turn the corner, but we haven't seen significant job growth or improvement from that standpoint," said Hall.

The Trudeau government is asking for feedback on the bill until Oct. 2. Small business owners can contact their MP or local Chamber of Commerce to voice their concerns.

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