Proposed Tax Changes - Get Involved?

Submission deadline: October 2, 2017

You have undoubtedly now heard and read about the consultation launched on July 18, 2017 relating to proposed changes to private corporation taxation.  These proposals have sparked significant debate and emotion in the small business and tax support world.

As an accountant or advisor, you may be considering the impact on both past and future planning.  Questions are coming in from clients, you may find yourself in front of the media, or, you may simply feel the need to speak out.  So, what do you do next?  

The first step, which many of you have already done, is to get familiar with the proposals.  Please see this short video clip, read the consultation paper, and scan through the plethora of articles written.

One conclusion that our team has unequivocally come to is that a longer and more appropriate consultation is needed to properly address these significant and far reaching proposals.  Please sign our petition.

The second step many will take is to inform clients about the proposed changes.  Some methods include: posting on social media, holding a client seminar, sending client emails, or simply calling clients directly.  Many of your clients, or even your firm, may want to participate in the dialogue or provide feedback.  Video Tax News strongly encourages you and your clients to make positions, concerns and suggestions known.  You and your clients have unique and powerful insights which are direly needed in the making of strong, fair, and efficient law.

If you decide to take action, or if you would like to provide your clients with a list of options, consider the following:

  1. Contact your Member of Parliament and the Honourable Minister of Finance, Bill Morneau (their contact info can be found here).
  2. Sign this petition to slow things down and allow for better dialogue.
  3. Make a consultation submission.
  4. Contact a special interest group such as CPA Canada, Canadian Chamber of Commerce, Canadian Federation of Independent Business
  5. Share articles on social media (such as LinkedIn, Facebook, Twitter etc.) which express your views, or provide relevant information.

Once again, don’t forget that Canadians have been given until October 2, 2017 to submit their concerns.

We will be covering these issues and implications in our newsletters and fall series of Tax Update courses, however, we are hoping that this message will assist with the first few challenges you may be facing right now.


The Video Tax News Team