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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: fin.consultation.fin@canada.ca.  Be sure to send in your consent...
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Currently, the CRA is proposing some changes to narrow the eligibility for the Voluntary Disclosure Program and impose additional conditions on applicants. The most significant change is to offer less generous relief in certain circumstances.  Major cases of non-compliance that are disclosed will not receive the same level of relief as they would through the current program.  Other measures are being proposed to the Voluntary Disclosure Program include: -      Require the payment of the estimated taxes owing as a condition of qualifying for the program; -      Exclude applications that involve transfer pricing and applications from corporations with gross revenue in excess...
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