Blog posts tagged in private corporations
A Notice of Ways and Means Motion was published last October 24, 2017. Here are the highlights with regards to the tax changes for private corporations:
Revision of Gross Up rate for non-eligible dividends: from 17% for 2017 to 16% for 2018 and 15% for 2019 and later years;
Revision of the tax credit for non-eligible dividends: from 21-29ths of the gross-up in 2018 to 8/11ths in 2018 and 9-13ths in 2019 and later years;
Increase the small business deduction: from 17.5% in 2017 to 18% for 2018 and to 19% for the 2019 and subsequent taxation years;
Move forward on...
Finance Minister Bill Morneau announced last October 18th of the Government’s intention to move forward with the tax changes albeit with a few tweaks here and there. The Finance Minister focused on the tax changes to limit the tax deferral opportunities related to passive investments. In his statement in New Brunswick, the Finance Minister said that the Government will ensure that a $50,000 threshold on passive income in a year which is equivalent to $1 million in savings based on a nominal 5% rate of return will be made available to provide more flexibility for business owners to hold savings for...
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...
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: email@example.com. Be sure to send in your consent...