Last July, the federal government revealed its plans to overhaul the system of taxation for private businesses, their shareholders and family members.
The original proposals were very broad based and essentially targeted every Canadian controlled private corporation. The proposal documents addressed four main areas:
• Income sprinkling
• Constraining access to the lifetime capital gains exemption (LCGE)
• Converting capital gains into dividends
• Corporate reinvestment
Since then there has been a lot of publicity, debate, political rhetoric and push-back from tax professionals, business owners, farmers, doctors, Chambers of Commerce and other organizations representing small businesses.
But what will these changes mean for private business; why were these proposed changes put forward and, if the tax system needed to be overhauled, was this way the proper approach?
There are a lot of questions out there and none are easily answered. That’s where the experts from Welch LLP can help.
Don Scott, FCPA, FCA is a Partner and the Director of Tax Services for Welch LLP. He is recognized as an expert for his extensive knowledge in the area of Personal and Corporate Tax Planning and is a regular with local and national media. Don is available to speak regarding these new laws and what they may mean – simply click on his icon to arrange an interview.
Don Scott FCPA, FCA, Partner/Director of Tax Services
Nationally recognized for his extensive knowledge in the area of Personal and Corporate Tax Planning