Tax Update #2

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Tax Update #2

On July 18, 2017 the Federal Liberal government announced proposed legislative changes that will have a far reaching tax impact on private companies and their shareholders.  The draft legislation would mean significant policy changes to the taxation of:

  1. Payments to Shareholders of Private Companies
  2. Limitations on Lifetime Capital Gains Exemptions
  3. Income from passive investments inside a private corporation, and
  4. Converting Income into Capital Gains

 

As a member of DFK Canada we have compiled four papers that discuss the proposed changes and the potential impact on the taxation of small businesses and their owners.  For a copy of each detailed paper, please click on the above links.

What Are We Doing?
As part of DFK Canada, we are pro-actively seeking changes to these proposals by discussing their impact with our clients and contacting local MP’s to advise them of the far reaching impact these rule changes will have on small businesses in Canada. Those most impacted by the proposals are being portrayed as the wealthiest of Canadians. We know otherwise. We will continue to keep our clients up to date as we learn more about the proposed changes

We welcome your input! Please direct comments to: taxchanges@davismartindale.com. As always, the partners and managers at Davis Martindale are here to discuss directly any concerns you might have.