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The landscape could change when it comes to tax planning for private corporations, and now's the time to start preparing.
On Friday, Cathie Brayley, Richard Weiland and Areet Kaila presented to a group of representatives from CIBC Private Wealth Management on tax changes proposed by the federal government. The proposals relate to taxation of private companies, business owners and their families.
The government released a consultation paper in July, along with extensive legislative provisions and technical notes. Shortly after the consultation ended in early October, the government made a series of announcements regarding its intentions, including changing some of the proposed measures and putting others on hold. Measures relating to corporate investment taxation and income sprinkling will be proceeding, while measures to limit access to the lifetime capital gains exemption and curtail surplus stripping have been put on hold . The government also announced a decrease to the corporate small business tax rate over the next two years.
Our presenters offered a thorough review of these proposals and a discussion of their effects on common business structures.
For an in-depth analysis of our tax group's insight into those proposed changes, you can learn more here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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