Business Tax Changes

Federal Finance Minister Bill Morneau announced he will be considering certain business tax changes with the goal of improving fairness in the tax system by closing loopholes and addressing tax planning strategies.  The government seems to want to make changes that would stop “income sprinkling,” holding income in a private corporation and converting business income into capital gains.

If you’re a farmer, a doctor or another self-employed professional, these changes might impact your taxes.

The government has a 63-page consultation document available: http://www.fin.gc.ca/activty/consult/tppc-pfsp-eng.pdf

The government wants to hear from Canadians on the proposed changes. You have until October 2, 2017 to email your thoughts to fin.consultation.fin@canada.ca