Resource Bulletin – Private Corporation Tax Changes: Government of Canada takes Canadian Small Business to the Cleaners

July 31, 2017

ResourceBulletinPrivateCorporationTaxJAGJULY2017 Corporation Taxation Bulletin by Saskatoon lawyer, Joseph A. Gill On July 18, 2017, the federal government published its long-awaited (and long-dreaded in the tax community) white paper on changes to the taxation of private corporations in Canada (the “White Paper”) (available here, along with technical documents: http://www.fin.gc.ca/n17/17-066-eng.asp). The White Paper follows commitments noted in Budget 2017 which saw the Liberal Government (the “Government”) promising to fix so-called “tax loopholes” available to private corporation owners. The White Paper represents another “nail in the coffin” for small business tax incentives; combined with prior proposals, such as changes to the small business deduction rules, the tax system is looking to become vastly more complex (and costly) for small business owners. Download the Resource Bulletin here.    

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