On July 28, 2017, the Segal team shared a summary of the proposed tax changes that Liberal Finance Minister Bill Morneau presented on July 18, 2017. You can review that summary here: http://www.segalllp.com/2017/07/28/new-tax-rules-effecting-private-corporations/
As professionals and business owners, we have studied and developed a better understanding of these proposals, and implications of these rules are far reaching and did not contemplate the negative consequences if adopted. The “marketing” of these proposals by Mr. Morneau and the government was very different than the actual content within the proposal language. As a business owner, these rules will affect you adversely as they relate to all privately held Canadian corporations.
We believe as Canadian professionals and taxpayers, that the Members of Parliament (MP) need to hear and understand our concerns so that they can be communicated to the Finance Minister. Attached is a letter that the Segal partners, principals and team are sending to their Member of Parliament to express their concerns on new rules that will fundamentally change the way private corporations are taxed.
We are sharing it with you should you be considering providing the Minister of Finance with the feedback he has asked for; the 75-day consultation period ends October 2, 2017. Feel free to use any part of this letter in your communications with your Member of Parliament and copy Minister Morneau. You can find your MP’s contact information here: https://www.ourcommons.ca/Parliamentarians/en/members?view=List