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Department of Finance

By Occasional Contributors | 2 Minutes Read October 3, 2017

New proposals on the taxation of private corporations can result in double taxation

This article discusses the new proposals on the taxation of private corporations that will prevent some normal post death tax planning aimed at preventing double taxation of the same economic gain.

Article by Occasional Contributors / Business, Finance and Accounting / Department of Finance, double taxation, pipeline plan, private corporation tax planning, Private corporation taxation

By Marie-Yosie Saint-Cyr, LL.B. Managing Editor | 5 Minutes Read July 31, 2017

Upcoming corporate income tax changes to curb income sprinkling issues

On July 18, 2017, the federal Department of Finance released legislative proposals and a consultation paper dealing with tax planning affecting private corporations. The goal is to close loopholes that allow wealthy Canadians to avoid higher tax rates, largely by targeting people who incorporate themselves and then draw income from their businesses while paying lower corporate taxes. These proposals, if enacted, will potentially affect most Canadian business owners who carry on their businesses through private corporations, significantly increase the complexity of the tax rules applicable to private corporations and reverse many long-standing tax policies that have encouraged business growth.

Article by Marie-Yosie Saint-Cyr, LL.B. Managing Editor / Business, Finance and Accounting / Capital gains, Department of Finance, income splitting, income sprinkling, Income Tax Act, internal control, kiddie tax, lifetime capital gains exemption, passive investment income, passive investment portfolio, passive investments, public consultation, split income, tax on split income, tax planning strategy, tax practices, TOSI

By Marie-Yosie Saint-Cyr, LL.B. Managing Editor | < 1 Minute Read August 30, 2012

Most-viewed articles this week on HRinfodesk

The three most viewed articles in this week HRinfodesk newsletter deals with upcoming income tax changes, loss of reputation and performing work that is proscribed...

Article by Marie-Yosie Saint-Cyr, LL.B. Managing Editor / Employment Standards, Payroll / damage awards, Department of Finance, Economic Action Plan 2012-A Plan for Jobs, employment law, Growth and Long-Term Prosperity, income tax changes, insensitive termination, Loss of reputation, medical restrictions

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