Finance Minister Bill Morneau is shown in this June 5 photo. The Liberal government is looking to remove what it sees as a financial advantage people with corporations have compared with salaried employees.Adrian Wyld/The Canadian Press
How much will Morneau's proposed tax changes cost small business? We do the math.
Accountants are busy crunching the numbers for small-business clients who may be affected by Ottawa's proposals to close loopholes these companies use to lower their tax bills.
The Liberal government is looking to remove what it sees as a financial advantage people with corporations have compared with salaried employees. Business owners argue the suggested moves are unfair and could have wide-sweeping consequences on their ability to expand their businesses, not to mention their own retirement goals.
The Globe and Mail asked financial experts to provide before-and-after scenarios of three of Ottawa's proposed changes, including using corporations for so-called "income sprinkling" among family members; reducing the lifetime capital-gains allowance for a family; and so-called "passive" investment income, where a business owner invests money they don't need right away in their corporation, at a lower tax rate, instead of taking it out as personal income, at a higher tax rate, and investing it. Full story (Globe subscribers)
The Liberals will only weaken the middle class if they proceed with proposed tax changes
I'd like to share the story of a good friend of mine. It's a Canadian success story. What is happening to his family, and others like them, should concern all of us. Full story
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