Owners of private companies in
Canada may now face more restrictive tax rules. Canada recently enacted changes
affecting private corporations, their owners and family members, including a
new tax on split income (TOSI) where adult family members are part of income
splitting arrangements, and restrictions on the small business deduction (SBD)
where a private corporation in a corporate group earns passive investment
income. These new tax measures, which were first proposed in July 2017, are now
enacted and may present significant challenges for private corporations and
their owners. As a result, we recommend that you revisit your tax affairs to
ensure they are still effective in light of these changes, if you haven’t
already done so.
To read this edition of TaxNewsFlash-Canada,
go to: TaxNewsFlash-Canada.
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