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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...
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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...
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We came across a very interesting article from Globe & Mail entitled: “How Ottawa’s so-called fair tax proposals could mean a tax rate of 90% for some businesses.” What an outrageous claim, right? Well, as we read the article, the claim turns out to be backed by a publication written by a group made up of a well-respected lawyer, Michael Goldberg of the firm Minden Gross and 2 members of the accounting profession, Mac Killoran and Jay Goodis. The article, written by Tim Cestnick, summarized the paper published by Minden Gross and explained it in a way that everyone can understand....
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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...
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