Last month, the federal government released a discussion paper containing draft legislation and proposed measures that will significantly curtail common-place tax planning for many Canadian small business owners. The proposed measures include a punitive tax on dividends to certain shareholders, the elimination of the ability to multiply the capital gains exemption on the sale of shares of small business corporations and introduces a set of extremely complex rules to eliminate the benefit of using after-corporate tax dollars to invest.
Crowe Soberman Tax partner, Aaron Schechter, has been called upon by the media, to weigh in with his thoughts on the Liberal's proposed changes.
Read Jim Warren's article in the Toronto Sun entitled Killing the Entrepreneurial Spirit where Aaron Schechter is quoted, here.
Listen to the Andrew Lawton radio program on AM980 discussing the new federal tax changes with Aaron, here.
And finally, for a detailed analysis of what these proposed changes could mean to Canadian small businesses, read Aaron's piece entitled Tax Planning RIP (1917 – 2017), here.
If you believe the proposed tax changes relating to small businesses are detrimental to the economy, it's important you get involved. Contact your local MP to have your voice heard.
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