Private Corporation Tax Changes

Legislative proposals and a consultation paper issued on July 18, 2017, target three tax planning strategies that, in the government’s view, use private corporations to gain unfair tax advantages for high-income individuals. The new rules are complex. We will continue to refresh this page with current updates and insights.

What’s New

Tax Insights: Revised Voluntary Disclosures Program applies March 1, 2018 – Act fast

Tax Insights: Revised Voluntary Disclosures Program applies March 1, 2018 – Act fast

Information Circular – IC00-1R6 – Voluntary Disclosures Program (VDP), which was recently released by the CRA, significantly tightens the VDP for applications received after February 28, 2018. Taxpayers should act now to benefit from the existing program.

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Tax Insights: Private company tax proposals – More “sprinkling” of changes – Update #3

Tax Insights: Private company tax proposals – More “sprinkling” of changes – Update #3

This Tax Insights outlines the three announcements made this week by Finance Minister Bill Morneau on the private company tax proposals. The most recent – made today – is that the government will not proceed with measures “relating to the conversion of income into capital gains.”

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Tax Insights: Private company tax proposals – More “sprinkling” of changes – Update #2

Tax Insights: Private company tax proposals – More “sprinkling” of changes – Update #2

On October 18, 2017, Finance Minister Bill Morneau made his second announcement of the week on the private company tax proposals. He confirmed that the government will "move forward with measures to limit the tax deferral opportunities related to passive investments” but added that $50,000 of passive income annually will be exempt.

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Tax Insights: Private corporation tax changes – Where do things stand?

Tax Insights: Private corporation tax changes – Where do things stand?

October 2, 2017 was the deadline for submissions on the July 18, 2017 proposals that target tax planning using private corporations. Public response was overwhelming. The Department of Finance (Finance) received over 21,000 submissions, including PwC’s. On October 3, 2017, Finance issued a press release outlining its next steps.

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Saul Plener on BNN - October, 2017

PwC calls on Morneau to halt tax change proposals for more consultations

PwC Canada delivered a disapproving report to Minister Morneau, which says if the current draft of the proposed tax changes is implemented, there will be a plethora of negative consequences for Canada's economy. Saul Plener, national leader of private company services at PwC Canada, joins BNN to discuss.
 

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Saul Plener
National Leader, Private Company Services, PwC Canada
Tel: +1 905 418 3471
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