The Government’s proposal to lower the small business tax rate to 10 per cent, effective January 1, 2018, and to nine per cent, effective January 1, 2019 will mean up to $7,500 in federal corporate tax savings per year.
The Department of Finance has announced that it will not be moving forward with proposed changes to limit access to the Lifetime Capital Gain Exemption.
July 18 proposals to make changes aimed at restricting income splitting among family members receiving income from private corporations, where it is found they are not contributing to the business, have been simplified and are expected to come into effect in 2018. Stay tuned for updates on this subject.
