July 2017
Finance targets tax planning for private corporations
Rainer Vietze is a senior tax manager in the Toronto office of Collins Barrow
On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.” The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget.
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Collins Barrow periodically publishes Tax Flash for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Flash may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps.