On July 18, 2017 the Minister of Finance released a discussion paper - which already includes draft legislation - outlining "proposed" changes to the Income Tax Act that will have a dramatic effect on tax planning for small to medium sized enterprises. Since SME's make up the bulk of ATAP member corporate clientele, attention must be paid to the "proposed" changes and the tax planning methods currently being used in our industry.
ATAP is combining resources with our Strategic Partners; CFIB and Knowledge Bureau, to prepare a submit a joint submission on the changes being considered. The consultation period is open until October 2, 2017 and any member wishing to comment on the legislation is encouraged to do so. We encourage you to familiarize yourself with the "proposed" changes and the commentary with our Strategic Partners as it develops.
In the meantime as information is being analyzed and developed, please review the initial commentary and overview of the proposed changes.
- Canadian Federation of Independent Business (CFIB)
- Knowledge Bureau
- Vine & Partners, CPA's
- Financial Post, Dr. Jack Mintz
Full copies of the Summary Overview, Consultation Document, Draft legislation and Explanatory Notes are available at Finance Canada site.
Stay tuned for more information as it develops.