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This past summer, Canada's Federal Minister of Finance, Bill Morneau, proposed changes to three areas of tax planning used by private corporations: income sprinkling, holding passive investments, and converting income into capital gains. These changes will have a significant impact on the tax strategies of thousands of Canadian entrepreneurs across all sectors.
For background on MNP’s position regarding these changes, as well as blogs and fact sheets on the potential impacts of the proposed change,
MNP’s Tax Services leaders have submitted a brief to the Standing Committee on Finance in response to the three key proposed tax changes. In our brief, we've outlined how the proposed changes will have a detrimental effect on business owners and entrepreneurs and call on the federal government to start a new consultation process.
Read the brief here.
If starting anew is not acceptable to the federal government, MNP provided recommendations for each of the proposed measures in a more detailed technical paper you can access
In November, MNP made a presentation in Saskatoon, SK, outlining the impact of the proposed changes on Canadian small business owners. Our Presentation to Appear as a Witness and the recommendations within can be
The presentation was followed in December by an electronic submission as requested by the Senate Standing Committee on National Finance Hearing. The submission included more detailed calculations and suggestions on the Tax on Split Income, Improving the Tax on Split Income Proposals and the Passive Income Proposals. It can be
MNP is committed to helping our clients optimize their businesses at all levels, enabling them to be sustainable and to thrive. The proposed measures will have a significant impact on tax planning for private corporations. For more information of how they may affect you and your business, contact your local MNP Advisor.
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