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Tax Law & Tax Policy Changes and Canadian Taxes

Following the Trudea's Liberal government proposed changes to the Canadian tax regime to promote tax fairness? Here are some of the topics of interest:

  • the elimination of tax sprinkling - considered a tax loophole, this is where Canadians "sprinkle" their income to other family members in lower tax brackets in order to reduce the total amount of taxes paid;
  • changes to the way private corporations are taxed with respect to capital gains and passive income, which may remove advantages that small business and professionals gain from using a private corporation.

According to Finance Minister Morneau, the proposed changes are not meant to negatively target legitimate small and medium-sized businesses. According to Mr. Morneau, "We're closing down loopholes that people are using at an increasing pace to give themselves a lower tax rate."

Stay tuned.

See more information about NAFTA and the Canadian tax regime.

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