Do you understand what the July 18, 2017 private corporation tax proposals mean for your business?
On July 18, 2017, the Honourable Bill Morneau, federal Minister of Finance, released proposed changes to three areas of tax planning used by private corporations: income sprinkling, holding passive investments in a private corporation and converting income into capital gains.The measures introduced on July 18, 2017 will have a significant impact on tax planning for private corporations. At McGuire Financial, we are also active in the government’s consultation process to ensure that our Clients’ voices are heard moving forward.
What do the new Canadian private corporation tax proposals mean for you?
We will be holding an information session geared towards private corporations, and their shareholders. It is important that individuals potentially affected by these proposals become aware of the possible consequences and learn what their next steps should be.