Read what our Corporate Members have to say about the Proposed Tax Reforms:
CIBPA Members and Friends,
As you are aware, the Federal government released three specific tax proposals concerning the taxation of Canadian private corporations on July 18, 2017 for public consultations closing on October 2nd. It is clear that the three proposed measures, whether in isolation or together, will have a significant negative impact on incorporated small businesses in Canada.
These measures impact the following scenarios:
- Distribution of dividends to family members from the corporation
- The multiplication of the small business capital gains exemption amongst family members.
- The ability to accumulate income in your holding company
- The ability to transfer your business to the next generation
- Implications on post-mortem planning for your business
- Ability to compensate family members
We understand that almost one-third of small business owners do not appreciate the impact that these proposals will have on their business and their family.
Given the uncertainty and expected negative economic impact of the proposed measures, it is crucial that the business community speaks out on these proposals before the government’s brief public consultation period ends on October 2, 2017.
We recommend and urge you to contact your local MP and send your comments, questions and concerns directly to the Ministry of Finance at firstname.lastname@example.org
The CIBPA Toronto website will include additional information on the impact the proposed changes may have on your business. Please visit toronto.cibpa.com