Income taxes and capital gains rates unchanged in 2018 Federal Budget Finance Minister Bill Morneau released his 2018 federal budget (the “Budget”) on February 27, 2018 (the “Budget Date”). The Budget forecasts a deficit of $18.1 billion, which is improved from the fall economic statement estimate of $18.6 billion. Canada’s current net debt to ...
On October 3rd, 2017, we reported on Part 4: The Conversion of Income into Capital Gains, providing two examples of how double taxation could arise, should this proposed legislation be passed into law. On October 19th, Finance Minister Bill Morneau announced that the Department of Finance will not be moving forward with the foregoing ...
Federal Government New Taxation Changes Announced October 16th, 2017 In our recent 4-part series, we took an in-depth look at how the Department of Finance’s proposed legislative changes could affect Canadian business owners. In particular, we discussed how the new taxation could influence Passive Investments, Income Splitting, the ECGD, and Capital Gains. On October ...
In the previous three parts of our series, we looked at several ways in which the Department of Finance’s proposed legislation could negatively affect Canadian business owners with new taxation laws. In particular, we examined the proposed changes to Passive Investment, Income Splitting, and the ECGD. Today we will explore, converting income into capital ...
Last week, we reported on how the Department of Finance’s draft legislation proposes to change the process of Income Splitting. Today, in Part 3 of our 4-Part series, we’ll look at how the legislation would affect the Enhanced Capital Gains Deduction (“ECGD”). Third Area of Concern: The Enhanced Capital Gains Deduction. The ECGD allows ...
Yesterday, we took a look at how the draft legislation recently released by the Department of Finance would affect taxation of passive investments. Today, in Part 2 of our 4-Part series, we’ll be focusing on the second area of concern: Income splitting (also referred to as income sprinkling). Second Area of Concern: Income Splitting ...
There has been a lot of buzz in the media lately about the draft legislation released by the Department of Finance on July 18, 2017. It’s our belief that if this legislation is passed in its current state, it will significantly impact the taxation of owner-managed businesses and their family members – a demographic ...
President Donald Trump has released a brief document outlining what his administration is calling “the biggest tax cut in U.S. history”. Canadians should not assume the proposed Trump Tax Plan outlined below will become law. There is no “Budget Night” equivalent in the U.S. A description of the legislative hurdles facing the president will ...
March 22 marked the release of the 2017 federal budget (Budget) of the Justin Trudeau Liberal Government. The Budget was clearly impacted by the shift in policies of the recently elected US President and his administration. Accordingly, the Budget adopted a very cautious approach to revenue generation and new spending initiatives, as it is ...
On March 7th, 2017, 600 land professional delegates attended the 2017 LandPro Conference at the Paramount Conference Centre in Woodbridge, Ontario. Zeifmans LLP was a platinum sponsor and hosted a booth at the conference. Ahmad Aslam, Partner at Zeifmans introduced key note speaker, Benjamin Tal, Deputy Chief Economist at CIBC. To view photos of ...