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Proposed Tax Changes for Private Corps. How will it affect you?

September 5, 2017  
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On July 18, 2017, the Honourable Bill Morneau, Minister of Finance, released draft legislation and explanatory notes intended to “close loopholes and deal with tax planning strategies that involved the use of private corporations.” One of the key issues addressed was income sprinkling (commonly known as income splitting) by private corporations to achieve access to lower marginal tax rates. In this update, we will take an in-depth look at the proposed rules relating to income sprinkling.  This is Part 1 to a three part series brought to you by MNP LLP.

MNP TAX UPDATE PART 1: Income Sprinkling