On July 18, 2017, the Department of Finance issued a consultation paper with respect to the Tax Planning Using Private Corporations.
While the Minister of Finance and his department describe the document as closing tax loopholes, it is in fact a major change in tax policy for private corporations.
The proposed rules apply to all private corporations, however, as our practice consists primarily of Canadian Controlled Private Corporations (CCPCs) we have focused our comments on the impact on CCPCs.
Below is a summary of the proposed changes and potential implications. Going forward, we will also list new articles and draft letters that you can send to the Minister of Finance and/or your MP to notify them of concerns you may have with the new proposed legislation.
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