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On July 18, 2017, the Honourable Bill Morneau, Minister of Finance, released draft legislation and explanatory notes intended to “close loopholes and deal with tax planning strategies that involved the use of private corporations". One of the key issues addressed was income sprinkling (commonly known as income splitting) by private corporations in order to achieve access to lower marginal tax rates.
The proposed changes significantly expand the current rules targeting income splitting among family members. There are now specific exemptions for minors and adult children. Income Sprinkling proposed changes affect:
MNP will be working with our clients to determine the potential effect of such changes on their businesses and how to mitigate the impact of these changes. We will also be active in the government’s consultation process to ensure that our clients’ voices are heard moving forward.
For more details on these changes and their potential impact,
download MNP’s overview of the proposed legislation and / or
contact your MNP business advisor.
Related Topics:Corporate Tax
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