Proposed Changes to Private Corporation’s Tax Planning Strategies: How to Take Action

by in Canadian Government News and Updates
Proposed Changes to Private Corporation’s Tax Planning Strategies: How to Take Action

Last July 2017, the government announced its plan to close tax loopholes that give unfair tax advantages to business owners.  Understandably, there has been a lot of backlash from business owners regarding the proposed tax changes to address tax planning strategies used by private corporations. 

The proposed changes can potentially harm the business community which is why we encourage everyone affected by these changes to take action.  There are a number of ways to let your opinions be heard.

1.    Participate in the Department of Finance’s public consultation by sending your comments to: fin.consultation.fin@canada.ca.  Be sure to send in your consent for disclosure or request to remain anonymous (if you wish) with your comments. 

2.    Contact your nearest Liberal MP.  Mail or fax your letter to your MP’s office to let them know what you think about these proposed changes.  Here is a list of the Liberal MP’s:  https://www.liberal.ca/mp/.  You can select your nearest Liberal MP (does not matter if you do not vote in their riding or not), follow the link to their parliament page for their contact information. They will have their phone number, their address and email address on this page.  

3.    Contact your own MP.  If your riding is not represented by a Liberal, contact your own MP and let them know.  Remind them that it is their job to hold the Liberals accountable for these proposed changes that might negatively affect your business.  Find your MP and their contact information here: https://lop.parl.ca/ParlInfo/Compilations/HouseOfCommons/MemberByPostalCode.aspx?Menu=HOC

4.    Let Justin Trudeau know! You can also send our Prime Minister your thoughts on these proposed changes at justin.trudeau@parl.gc.ca,  fax (613) 947 0310.

There are other things you can do to participate in this debate:  http://defendsmallbusiness.ca/index.php/take-action

If you would like to discuss your own situation and how it will be affected by the proposed changes, please do not hesitate to contact KD! 

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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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