Update on Tax Proposals
Post date: Sep 20, 2017 4:08:32 PM
As you may be aware the Federal Government has proposed some major changes to the taxation of private corporations. These proposals can be found here: https://www.fin.gc.ca/activty/consult/tppc-pfsp-eng.asp
We are very concerned with these proposals, as they will have damaging affects on all small businesses, professionals and farms that are operating as a corporation.
We encourage you to become informed with respect to these proposals as well as reach out to your government representatives with your thoughts. Moodys Gartner Tax Law LLP has an excellent blog that details the impact of these proposals. Please take a few moments to read it here: http://moodysgartner.com/tax-proposals-knowledge-portal/
Specifically, Kim Moody addresses some of the myths that the government is perpetuating in the media http://moodysgartner.com/wp-content/uploads/Private-corporation-myths-and-factsV4.5a.pdf
There are currently a number of e-petitions to the House of Commons on this topic, we encourage you to review them at this link and sign the petitions if you agree with their sentiment.
A couple of the petitions are here:
We are in consultation with a number of tax professionals and have been in touch with our local MPs to discuss our concerns. Should these changes proceed, we will be here to help you adjust your financial plan to match your objectives. The best course of action is to reach out to the government with your concerns, and hopefully the proposals will not be implemented.