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On July 18, 2017, the Department of Finance Canada (Finance) released draft legislation to expand the existing tax rules on split income (TOSI) to restrict income sprinkling among family members.
Today, in response to feedback from business owners across Canada during a 75-day consultation period, Finance released revised TOSI proposals which are intended to “better target and simplify their application."
The revised proposals will become effective for 2018 and subsequent taxation years. This makes it imperative for business owners to understand the changes and adjust their business and tax planning accordingly prior to enactment.
MNP urges you to review the summary of the changes provided below and speak with an advisor on how the revised proposals may impact your business.
See MNP’s summaries of the original proposed changes here.
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