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On February 27, 2018, the Federal Government announced details of Budget 2018. Here are the Business Income Tax Measures proposed in this Budget, starting with the business limit reduction on passive investment income. Small Business Deduction - Business Limit Reduction on Passive Investment Income: Canadian controlled private corporations or CCPCs can avail of the lower tax rate on the first $500,000 (which is the federal business limit) of active business income. When retained earnings taxed at the small business rate are used to invest passively rather than in the active business, significant tax deferral advantages can be realized. Budget 2018 proposes...
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Here are the other Business Income Tax Measures proposed in the Federal Budget 2017: ·         Meaning of Factual Control; A recent court decision held that, in order for a factor to be considered in determining whether factual control exists, it must include “a legally enforceable right and ability to effect a change to the board of directors or its powers, or to exercise influence over the shareholders who have the right and ability.” This requirement limits the scope of factors that may be taken into consideration in determining whether factual control of a corporation exists. Budget 2017 proposes that the Income...
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Here are the Business Income Tax Measures proposed in the Federal Budget 2017: ·         Investment Fund Mergers - Merger of switch corporations into mutual funds:  Budget 2017 proposes to extend the mutual fund merger rules to facilitate the reorganization of mutual fund corporation that is structured as a switch corporation into mutual fund trusts on a tax-deferred basis. ·         Investment Fund Mergers – Segregated fund mergers:  Budget 2017 proposes to allow insurers to effect tax deferred mergers of segregated funds.  ·         Clean Energy Generation Equipment – Geothermal Energy:  Budget 2017 proposes 3 changes – that eligible geothermal energy equipment under Classes...
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One of the components of the CRA’s three-point plan to help small & medium-size businesses to meet their tax obligations is the Liaison Officer Initiative or LOI. Through this program, businesses will receive in-person support at key points of their business cycle, and information that will assist them in complying with their tax obligations. LOI pilot projects are now underway in Ontario and Quebec, with others planned for the Atlantic, Prairie and Pacific Regions. Through these pilots, the CRA is: Visiting small businesses to offer support: Liaison Officers (LO) will visit a taxpayer's place of business on a voluntary, one-to-one basis...
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