Owners of private companies in Canada may now face more restrictive tax rules.
Canada recently enacted changes affecting private corporations, their owners and family members, including a new tax on split income (TOSI) where adult family members are part of income splitting arrangements, and restrictions on the small business deduction (SBD) where a private corporation in a corporate group earns passive investment income. These new tax measures, which were first proposed in July 2017, are now enacted and may present significant challenges for private corporations and their owners. As a result, we recommend that you revisit your tax affairs to ensure they are still effective in light of these changes, if you haven’t already done so.
Download this edition of TaxNewsFlash to learn more.
© 2018 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.