On July 18, 2017, the Honourable Bill Morneau, Minister of Finance, released a paper for consultation, along with draft legislation and explanatory notes intended to “close loopholes and deal with tax planning strategies that involved the use of private corporations.” One of the key issues addressed was private corporations that hold passive investment portfolios and the perceived advantage to tax payers that do so. The federal government has proposed sweeping tax changes that could harm every Canadian small business.
MNP produced a three-part series discussing how these proposed tax changes could impact you and your business. Parts one and two are already available online. You can show your support in the battle to stop these unfair tax changes by clicking here and signing the petition. Help stop these unfair tax changes!