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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:  Be sure to send in your consent...
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In this blog, we will continue our detailed review of the approaches that the Government is considering with regards to the tax treatment of passive investment income.  We’ve already touched on the first approach which is the 1972 approach.  Here is the 2nd one. 1.    Deferred Taxation – As an alternative to the 1972 approach, the current regime of refundable taxes on passive investment income could be replaced with one that will maintain a tax rate on the passive investment income of private corporations equal to the top personal tax rates, as is the case under current rules, but which would...
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