Tax Question:
What are the proposed tax changes to private corporations that the Canadian government made in July 2017 and what do these changes mean for my company?
Facts:
On July 18, 2017, the Canadian government proposed tax changes in an effort to remove tax advantages that small business owners have and address aggressive tax planning strategies involving the use of private corporations. These proposed changes are open for discussion until October 2, 2017, before being formally submitted for legislation.
These proposed changes have three main areas of focus. In this series, we will discuss each of these areas and their impact on your private corporation.
Please read the next three FAQ publications for a discussion on the above-proposed tax changes and their impact on your company.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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