26 | fall 2017 cmba-achc.ca CMB MAGAZINE
Tax and Destroy
The federal
government's new
tax proposal puts
the screws to
small business
BY kevin yull
i
was away in Boston on vacation when I received the firm-wide email
stating the Department of Finance had released a consultation paper
outlining proposed changes to the way private corporations and their
shareholders are taxed. Perhaps I should not have been surprised given
the Department's admission aer the March 2017 budget that they were
actively reviewing three prominent areas affecting taxation of private corporations.
But on that lazy summer day, little did I know the "consultation paper" released
also included fully draed legislation with respect to two of three of the Department's
focus areas. Having only my iPhone with me, I didn't pay a lot of attention. However,
on my return, once I read the paper and spoke with some colleagues, I realized
this paper represented the largest tax policy shi in nearly 50 years!
Tax and Destroy
shrinkingbusiness
