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In light of last month’s announcement regarding proposed tax measures to address the tax planning strategies used by private corporations by the Department of Finance, we are focusing most of our blogs on this matter.  When this announcement came out, we knew that the proposed changes will affect many business owners.  Many of the small business owners will most likely pay higher taxes in the years to come if these proposed measures to address the 3 common and for now, legal tax strategies are implemented.  If you are one of these business owners who will be affected, please do read on...
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Last week, Finance Minister Bill Morneau announced its intention to address tax planning strategies involving the use of private corporations. The Finance Minister also encouraged stakeholders – including the affected business communities, provincial and territorial governments, tax advisors, and other Canadians concerned about the tax system – to participate in the ongoing consultations.  Let’s review what exactly the proposed changes are: 1.    Income Sprinkling:  This involves diverting income from a high-income individual to family members with lower personal tax rates. 2.    Passive Investment Income:  This involves retaining passive investments in a corporation since corporate income tax rates are much lower than...
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Last July 18th, 2017, the Department of Finance released information regarding some proposed tax changes aimed at addressing tax planning strategies commonly used by private corporations. These strategies include income/dividend sprinkling, passive investment income and converting income to capital gains.  The Department of Finance describes these three key tax planning strategies as follows: -      Sprinkling income using private corporations – This strategy shifts income from an individual on a higher personal income tax rate to a family member on a lower personal income tax rate or who may not be taxable at all. -      Holding a passive investment portfolio inside a...
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The tax filing season has come and gone and now is the perfect time to start your tax planning.  If you are one of the many Canadians who think have paid too much tax, then it is time to focus on saving tax which will put more cash flow into your business and your own pocket. And the first step to saving tax is Tax Planning! To help you take that first step, let us revisit the basics of tax planning. 1.    If you fail to plan, you are planning to fail! Planning is a MUST to business and personal success. ...
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