Finance Canada Consultation: Tax planning using private corporations

02/08/2017 - Finance Canada has launched a public consultation on tax planning using private corporations. If you have any comments on this issue, please contact your local AC Group firm.

Following up on a 2017 federal budget commitment, the Department of Finance Canada has launched a public consultation process to review the use of tax planning strategies involving private corporations.

The AC Group recognizes that this is an issue of importance to our clients and small business, and are planning to submit a formal response on their behalf.

The Minister of Finance has stated that the “government is committed to increasing the fairness of the tax system, while ensuring that the system is competitive and supports growth.” The AC Group agrees that the review on the use of tax planning strategies involving private corporations must consider the issue from a wide array of perspectives, such as fairness, simplicity and efficiency. It must also ensure there are measures in place to encourage and support business creation and development for a stronger economy that benefits all Canadians.

If you have any comments please contact your local AC Group firm, or submit your views to governmentconsultations@cpacanada.ca.

For further information on these proposed changes please review this memo prepared by the AC Group’s Taxation Committee.