Bluenose Accounting is committed to providing an enhanced service experience. As part of our continuing efforts to give information and advice to our clients, we provide educational workshops and articles throughout the year. In addition, we regularly partner with other professionals to provide useful information for our clients ‒ whether it be ways to help them minimize tax or to take advantage of business opportunities.
Bluenose Accounting Welcomes XiaoRong Lu As a Partner
The year 2017 will be remembered by most accountants – as well as the owners of small businesses – as the year that the federal government targeted small businesses in Canada. In July, it announced proposed changes to the taxation of Canadian small businesses. It identified four specific areas to change and invited feedback from the public and interested stakeholders, most of whom were not overwhelmingly supportive. In response, the government subsequently announced that it was repealing two of the proposals and would only be targeting income splitting and passive corporate investments. Further details on the income splitting restrictions were released on December 13, 2017, and we can expect the passive corporate investment rules to be released in the upcoming federal budget. Learn more about the changes to the taxation of small businesses for 2018 and onward. While we have focused on small business tax concerns, individuals were not spared from tax changes for personal tax. The fitness, arts, education, and textbook credits are gone. Some amounts previously claimed for fitness and arts credits may now qualify as child care. The public transit credit is being phased out, with claims available only for January to June 2017. Some of the credits relating to caring for infirm dependants have been consolidated into the new Canada caregiver tax credit. The tax rate for the middle-income bracket has decreased, but with the elimination of the various tax credits mentioned above, it is possible that some middle-class Canadians will pay more tax rather than less (as claimed by the federal government). Higher-income earners will pay more tax in 2017, with the highest marginal rate in Nova Scotia being 54% tax. (It’s hard to imagine paying more in taxes than one gets to keep!) The income splitting credit was eliminated for the 2016 year, but pension income splitting remains a useful tax planning tool. We expect that the spring 2018 budget will likely include changes to personal tax, so please stay tuned.
The proposed changes to increase taxes on small businesses will impact your ability to split income (income sprinkling), Investing in Holding Companies and use Lifetime Capital Gains Exemption
The federal government recently released proposals to increase taxes on small businesses. These changes have been described by the government as closing loopholes. They will impact tax-planning strategies frequently used by incorporated businesses.
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