Report on Small Business newsletter: Moves you can make now ahead of the proposed tax changes

Globe readers will have noticed we're heavily covering the uproar and implications of the proposed changes to the tax rules for private corporations. We continue to hear a lot from our readers about this issue and will continue to follow this story. It's not an easy story to cover - filled with technicalities and unclear implications - but we're allocating time to dive into the details to figure out the impact. Stay tuned. - Sarah Efron, Globe and Mail Small Business Editor

Moves business owners can make now ahead of the proposed tax changes

The government wants to restrict the ability of business owners to reduce their taxes by sprinkling income among relatives in lower tax brackets through dividends. The change is set to take effect on Jan. 1, 2018.

Tax experts recommend small-business owners consider taking advantage of current rules, while they last, by paying out higher dividends to those relatives in 2017.

"The easiest thing to do, if you're a private company … is to consider whether it makes sense to pay additional dividends to those family members who may be in lower tax brackets in 2017 to maximize any income splitting opportunities before the change comes into place," says Jamie Golombek, managing director of tax and estate planning at CIBC Wealth Strategies Group. Full story - Globe subscribers

Small business, big trouble

Ottawa's call for changes to the way private companies are taxed has sparked widespread outrage and raised questions about the perceived value of entrepreneurs to the Canadian economy. How we got here and where we are headed Full story - Globe subscribers

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