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Protecting Canada’s private corporations: A closer look at controversial tax proposals

The federal government is proposing changes that will significantly affect the taxation of private corporations and their shareholders. Learn more about this critical issue below and sign up to stay connected on the latest updates.



The Latest

Changes proposed to taxation of private corporations and their shareholders

On July 18, 2017, the federal government of Canada introduced proposals (“announcements”) curtailing the use of private corporations to gain tax advantages over other individuals in Canada who do not utilize such corporations. The proposals were positioned by the government as measures to ensure that the wealthy pay their fair share and the Canadian tax system is applied in a manner that is fair for all Canadians. If enacted as introduced, these proposals represent arguably the most significant changes to the taxation of private corporations in over 40 years. Read more | Tax Alert | 22.11.2017


In the News

Collins Barrow Halifax's Greg Leslie discusses the small business tax cut with Global News on Oct. 17. Read more | In The News | 17.10.2017



 

 
     


Venture Capital concerns are heard

On October 20, 2017, the Department of Finance (“Finance”) responded to several concerns raised by the venture capital and angel investor sectors in respect of the proposed taxation of private corporation measures. Read more | Tax Flash | 20.10.2017


KASB statement on tax policy to the Senate Committee

The following statement was made to the Senate Committee on National Finance on behalf of the Kingston Advocacy for Small Business (KASB) on Nov. 1, 2017. Collins Barrow SEO LLP partner Karen Sands is a KASB member. Read more | 01.11.2017


Finance abandons the surplus stripping rules for now

On October 19, 2017, the Department of Finance (“Finance”) announced that it will abandon the proposed tax measures aimed at restricting the conversion of income into capital gains (“anti-surplus stripping rules”). Read more | Tax Flash | 19.10.2017


Proposed changes: Finance takes hard stance on passive income of private corporations

On October 18, 2017, the Department of Finance (“Finance”) provided more details on its proposals to target the deferral of tax benefits of passive investments within a private corporation.    Read more | Tax Flash | 18.10.2017


Public pressure results in Finance re-examining proposed tax changes

On October 16, 2017, the Department of Finance (“Finance”) released changes (“announcement”) to the tax proposals previously announced in July 2017. Today’s updates focused on the lifetime capital gains exemption and income sprinkling. Read more | Tax Flash | 16.10.2017


Class 14.1 tax changes for quota in 2017

Farmers and farm corporations in supply management sectors buy and sell quota regularly. While operational and financial considerations rightly drive these transactions, they are sometimes completed without considering the tax implications. Read more | Farm Alert | 16.10.2017


In the News

Global News features insight from Collins Barrow Halifax's John Oakey in "Liberals promise income sprinkling fix, but experts say logistics still unclear." Read more | In The News | 16.10.2017


Open Letter to the Department of Finance

In response to the Department of Finance proposed changes to the Taxation of Private Corporations in Canada released on July 18th, Collins Barrow National Cooperative Inc. made the following representations on behalf of both its clients and member firms across the country. Read letter | 28.09.2017


Multiplication of the lifetime capital gains exemption: proposed rules

In its Consultation Paper and draft legislation released July 18, 2017, the Department of Finance proposes to restrict the lifetime capital gains exemption (LCGE). The Department of Finance indicates that the current tax rules do not properly prevent the multiplication of the LCGE. In many cases, the exemption of each individual family member is used to shelter gains on a family business. Read more | Tax Alert | 27.09.2017


Proposed tax changes for family farm corporations

While these proposed amendments will affect all private corporations, several of the proposals will have a significant impact on tax planning for family farm corporations (FFCs) and on inter-generational transfers of farm property (e.g. land, shares of FFCs or an interest in a family farm partnership). Read more | Farm Alert | 26.09.2017


In the News

Collins Barrow Halifax's John Oakey discusses the complexity in the rules drafted by the Department of Finance and expresses concern over the reasonableness test. Read more | In The News | 26.09.2017


Collins Barrow urges delay of private company tax proposals

Coming out of their annual board meeting, Collins Barrow is urging the Canadian government to delay the enactment of measures that profoundly change the taxation of private corporations and their shareholders, as proposed in draft legislation introduced July 18, 2017. Read more | Press Release| 21.09.2017


Increasing the cost of intergenerational business transfers

This Tax Alert focuses on the new rules that attempt to curb strategies that convert corporate after-tax income into capital gains instead of dividends, and how the changes will increase the after-tax cost of financing intergenerational business transfers. Read more | Tax Alert | 23.08.2017


Finance targets tax planning for private corporations

On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.”
Read more | Tax Flash | 20.07.2017