Now that the summer is over and everyone is getting back to work, it is important to consider some recent tax changes and how they may impact our businesses. Small Business Deduction Planning The Small Business Deduction reduces the corporate income tax rate applying to the first $500,000 per year of qualifying active business income of a Canadian-controlled private corporation (CCPC). A group of associated corporations must share the Small Business Limit (SBL) of $500,000. T
Sub nom "Aside from that Mrs. Lincoln, how did you enjoy the play?" There has been much discussion lately about the proposed changes to Section 55 of the Income Tax Act (the "Act"). The proposed changes were introduced in 2015 and in the 2016 Budget the Government indicated its plan to move ahead with the changes. The changes will apply to any dividends paid after April 21st, 2015. Section 55 is an anti-avoidance provision that is intended to prevent "capital gains stripping"