In 2017, the federal Liberal government sent shock waves rippling through Canada’s small business and corporation owners with the announcement of their intention to make certain changes to how passively held income within a private company is taxed. After their initial proposal faced some harsh feedback and criticism, the government took a period of time to closely examine their desired changes and refine the plan’s focus and scope. These changes will come into affect in 2019, so here is a brief summary of what private corporation owners should be expecting as well as some possible strategies to mitigate the impact.
Are you a healthcare professional who has contemplated whether becoming incorporated is the right strategic move for your business? Check out these pros & cons for your consideration.