September 25, 2017
HOW THESE MIGHT IMPACT YOUR BUSINESS AND WHAT STEPS TO TAKE
Further to our earlier message to all of our small business clients that went out on July 28, 2017, here is some additional information about the Proposed Changes, what steps might be taken in the next two months before some of the changes are enacted and how some planning might change in the future. Additionally, if you are so inclined, make your voice heard through some petitions or by writing to the Department of Finance about how this will impact your business. Links are in the attached document.
On July 18, 2017, the Department of Finance released 26 pages of draft legislation, many pages of explanatory notes, a detailed consultation paper and a PowerPoint slide deck, all focused on tax planning involving private corporations. A 75-day consultation period was provided. The deadline for submissions is October 2, 2017.
Our summary provides highlights and outlines some measures that small business owners that are affected with these rule changes can take. It does not cover every aspect and the amendments are difficult to interpret with certainty. If you have questions about your situation, please contact our office as soon as possible.