Tax changes and the small business world…
Tim Cestnick July 21, 2017
Ever since the 2017 federal budget in March, when the government announced that tax changes affecting private corporations would be coming, I’ve been feeling queasy. Well, the proposed tax changes were announced by Bill Morneau, the Finance Minister, on Tuesday. And ugly they are. Here’s a primer on the potential changes.
Mr. Morneau announced in the budget back in March that the Liberals have not been pleased with some Canadians who are using corporations in their tax planning, and that changes would be made. The claim is that certain folks are using corporations to pay less than their fair share of taxes. While the proposed changes are meant to affect the wealthy, there will be no shortage of small-business owners, the backbone of the Canadian economy, who will be significantly worse off as a result.