On July 18, the Department of Finance released draft legislation proposing changes to the way private corporations are taxed.
During the 75-day consultation period that followed, the government received more than 21,000 submissions—many of which expressed concerns with the new proposals. Among them was a rather robust submission from Grant Thornton, which reflected our views and concerns, as well as those of our clients.
Only two weeks following the submission deadline of October 2, the Minister of Finance outlined the government’s response to the submissions in a series of announcements. While there are more announcements to come—and inevitably more changes to how private corporations will be taxed—download the Grant Thornton summary to learn more. [ 303 kb ]