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Private company tax proposals: What’s the status?

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. [November 2, 2017] More...

Proposed changes to GST/HST rules for limited partnerships

On September 8, 2017, the Department of Finance released draft legislation which could cause distributions from certain limited partnerships to general partners to now be subject to GST/HST. [October 26, 2017] More...

2017 Fall Economic Update

On October 24, Finance Minister Bill Morneau tabled the 2017 Fall Economic Statement. In the statement, the government reiterated its continuing focus to invest in the economy so that it works for the middle class and those working to join it. [October 25, 2017] More...

Private business update: Government announces further changes to tax proposals

The federal government will not be moving forward with measures to convert income into capital gains. The announcement was just one of several made this week in response to stakeholders’ concerns regarding the government’s tax proposals affecting private companies which were released on July 18, 2017. [October 23, 2017] More...

Government announces changes for private companies in response to recent tax proposals

The government announced a number of changes in response to the public backlash received since they released their tax proposals affecting private companies on July 18, 2017. [October 18, 2017] More...

Tax Planning Using Private Corporations

Submission by Grant Thornton LLP [October 12, 2017] More...

2017 British Columbia update summary

As a result of the change in government on May 2017, Finance Minister Carole James presented a budget update on September 11, 2017. The update addresses the new government’s key commitment to improving affordability, enhancing critical services and building a strong, sustainable, and innovative economy that creates jobs and works for everyone. [September 19, 2017] More...

Income splitting rules are changing—are you ready?

Unfortunately for Canada’s private business sector, perception is everything. The perception at hand, held by Canada’s current government, is that “tax planning strategies involving corporations are being used to gain unfair tax advantages.” As a result, major changes are coming to the Income Tax Act to put a stop to it. [August 29, 2017] More...

Proposed changes to the voluntary disclosure program

The voluntary disclosure program (VDP) was put in place to promote compliance with Canada's tax laws by encouraging taxpayers to voluntarily come forward and correct inaccurate or incomplete information, or to disclose information not previously reported. [July 31, 2017] More...

Proposed changes - Tax planning using private corporations

This release highlights the proposed changes by the Department of Finance in the consultation paper, "Tax Planning Using Private Corporations", and the impact they will have on tax planning strategies involving the use of private corporations. [July 19, 2017] More...