On July 18, 2017, the Canadian government released a consultation paper targeting “unfair tax advantages” available to small business owners, including income splitting with family members. Though the proposals were far-reaching and complex, the feds gave taxpayers a scant 75 days to comment. What they received was a wave of overwhelmingly negative reaction from the small business sector and various tax groups. In the months afterward, and again in Budget 2018, the feds revised some proposals, and retreated completely from others. One year later, with the final proposals now law, small businesses are just getting their bearings.
Here are the highlights from Investment Executive’s coverage of the small business tax changes over the last 12 months:July 18, 2018