On July 18, 2017, the federal government unveiled proposed changes to address tax planning strategies involving the use of private corporations. The government is concerned that so-called wealthy Canadians are exploiting tax “loopholes” and the tax system must be made more fair. This is highly misleading. Business owners are following existing tax rules that are legislated, clear and in effect for decades.
The tax proposals have created a firestorm of protest. In my latest Letter from the President, I focus on the proposed tax treatment of passive investment income in private corporations and the potential … Continue reading