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Proposed Tax Changes: What’s Next?in Canadian Government News and Updates
Over the course of the public consultation period ending last October 2nd, the Department of Finance has received over 21,000 submissions. And Financial post writer, Jamie Golombek, put it bluntly: "it would take a full-time staffer at the Department of Finance, spending a mere ten minutes reviewing each submission (and many of them are 50 pages or more!) 465 workdays to get through them all."
That is an awful lot of time to be waiting for what the government will be doing next with regards to their proposed tax changes to address tax planning strategies used by private corporations.
And as many of you are, we are eagerly waiting for what is next for the government. Will they be implementing the tax changes as is or with some minor amendments or will they be coming out with a whole different proposal?
For now, although there has been a lot of negative feedback with regards to the tax changes, the government seems to be determined to push through with the changes in some form. There are many speculations going around and at this point, like many Canadians, we can only ask "What's next?" and wait.
As always, KD is here to assist you with any of your concerns should the proposed tax changes push through. Contact KD today and let us help you!
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