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Will Proposed Tax Changes Impact Your Business?

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Innovation Guelph - 3 Floor

111 Farquhar St

Guelph, ON N1H 3N4

Canada

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On July 18, 2017, the Department of Finance released its tax planning strategies. Specifically targeted by the proposals are the following strategies:

  • Income splitting or sprinkling: The process of redirecting taxable income among family members so that the family unit pays the least amount of income tax. This includes allowing more than one family member to access the Lifetime Capital Gains Exemption (LCGE). The LCGE represents the ability to shelter up to $1,000,000 of capital gains from income tax when certain types of farm properties are sold.
  • Tax deferral: The ability to delay triggering personal income tax on the after-tax income earned and retained by a corporation.
  • Surplus stripping: Converting what would otherwise be a taxable dividend from a company to a capital gain, which are currently taxed at lower rates.

The rationale for introducing the proposals is that the above strategies represent “tax loopholes” that are used by “wealthy Canadians,” and is therefore unfair to non-business owners who cannot take advantage of these strategies. You aren't alone if you have questions. Many Canadians are wondering how these changes may affect their business.

Join us on November 15th at 4:30PM as we welcome Adam Thompson, Senior Tax Manager with BDO, to Innovation Guelph to answer questions and discuss what exactly is changing and what it means to you.


Jointly presented by:

Jointly presented by BDO Guelph Chamber and Innovation Guelph


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Innovation Guelph - 3 Floor

111 Farquhar St

Guelph, ON N1H 3N4

Canada

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