Economics of starting or growing a family business in Canada just got worse, local lawyer says
What Happened on July 18?
On July 18, 2017 the Liberal Government released a “Discussion Paper” and related “draft” tax legislative proposals (“Proposals”) which fundamentally changes (and dramatically increases in many cases) the taxation of family business corporations in Canada.
Under the cloak of “fairness” (as defined by this Government; not surprising, “fairness” is a term found nowhere in Canada’s Income Tax Act), the undercurrent of this legislation and the accompanying “Discussion Paper” is anything but fair, and is hostile in its tone and effect in an unprecedented manner.
What will be the Results of the Proposals?