On July 18, 2017, the Department of Finance issued a consultation paper with respect to Tax Planning Using Private Corporations. This document has proposed major tax policy changes for private corporations, which apply to all our clients with a corporation. The changes are set to take place as early as the 2018 calendar year and have extremely negative and long reaching consequences. The proposed changes are focused around:
- Income sprinkling
- Holding passive investments inside a private corporation
- Converting a private corporation’s regular income into capital gains
We are asking our clients and others to use our templated letter to formulate a response of their own and forward it on to the Prime Minister’s Office, the Minister of Finance, leader of the opposition and your local Member of Parliament.
To maximize exposure on this matter, we are asking that you complete the following steps:
- Formulate an email with our templated letter (Templated_Response.doc) and your individual concerns.
- Email it directly to:
- Local Member of Parliament
- Minister of Finance: Bill Morneau - firstname.lastname@example.org
- Official response to the proposal - email@example.com
- Leader of the Opposition: Andrew Scheer - firstname.lastname@example.org
- Minister for Small Business - Bardish Chagger - email@example.com
- Forward the same email to firstname.lastname@example.org, we will fax your response to the Prime Minister’s Office directly.
Below is the website where you can enter your postal code and obtain the email address of your current MP. https://www.ourcommons.ca/Parliamentarians/en/members
Please note the ‘Find MP’ field is on the right-hand side under the menu bars.
We urge you to visit our website and obtain the sample letter for your use or to compose your own message stating your concerns with the proposed legislation. Please forward this email to your contacts and encourage them to join in the effort that is giving taxpayers a voice in Canada.