By Elizabeth Marshall ——Bio and Archives--September 30, 2017
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"Income splitting with family members to reduce the overall family tax burden…; Perceived tax advantages achieved through the accumulation of a passive investment portfolio owned by a private corporation; and Strategies that convert regular income or dividend income of a private corporation into capital gains, which are taxed at lower tax rates."According to information, in the past an amendment to tax laws needed substantial consultation periods. This time, there is merely a 75 day consultation period, ending on October 2, 2017. From BDO:
"The new tax policies introduced by the Canadian Federal Government …appear to materially harm the Canadian economy…exposing Canadian small business owners to tax rates of 93% or more." Michael Goldberg et al., Small Business Times, August 2017, Number 67.It has been expressed, by some Liberals, that the present tax exemptions are "loopholes" - they are not. According to Kevin Nightingale, Tax Topics, August 17, 2017, Number 2371:
"The … proposals involve a great deal of added complexity and uncertainty for a small gain in equity and revenue. The current rules are not loopholes; they are decided policy choices and for good reason. The proposed rules demonstrate a lack of understanding of how entrepreneurial businesses operate and succeed."
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• Non-Partisan Advocate
• Director of Research Ontario Landowners Association
• Author – “Property Rights 101: An Introduction”
• Board Member/Secretary – Canadian Justice Review Board
• Legal Research – Green and Associates Law Offices, etc.,
• Legislative Researcher – MPs, MPPs, Municipal Councilors,
• President All Rights Research Ltd.,
I am not a lawyer and do not give legal advice. Any information relayed is for informational purposes only. Please contact a lawyer.