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Consultations on Tax Planning Using Private Corporationsin Canadian Government News and Updates
Let’s review what exactly the proposed changes are:
1. Income Sprinkling: This involves diverting income from a high-income individual to family members with lower personal tax rates.
2. Passive Investment Income: This involves retaining passive investments in a corporation since corporate income tax rates are much lower than personal tax rates for higher income individuals.
3. Capital Gains: This involves converting a private corporation’s regular income into capital gains since capital gains are taxed lower.
Everyone concerned and affected by these proposed changes should share their views and ideas by sending their comments to firstname.lastname@example.org. Please note that the deadline for submissions will be October 2, 2017.
Also, before sending your comments to the Department of Finance, it is important to know that they will be making some of the comments received public or could be providing summaries in its public documents. With this in mind, make sure that when you send your comments include the following information:
- If you consent to the disclosure of your submission in whole or in part;
- If you request that your identity and any personal identifiers be removed prior to publication;
- If you wish any portions of your submissions to be kept confidential (if so, clearly identify the confidential portions).
We, at KD Professional, also encourage you to write to your MPs and voice out your concerns and how these proposed changes can affect your business.
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