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Proposed Canadian “income sprinkling” rules V2: not many feathers, lots of hissing

1.  Executive Summary On December 13, 2017, the tax and business community finally got the chance to review version two of the tax on split income (“TOSI”) or the so-called “income sprinkling” proposals. The Department of Finance originally announced that these revised proposals would be released later this fall. That would make this release two weeks

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The Canadian Private Corporation Tax Proposals – Part Deux

The media frenzy and uproar over the July 18, 2017 tax proposals that had been routine throughout the summer and early fall has quieted down significantly ever since Minister Morneau’s “Santa Claus” week of announcements in October (we have previously written about these announcements). Does this mean that the tax and business community are satisfied

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Quick comments on the office of the parliamentary budget officer analysis of changes to the taxation of corporate passive investment income

Not much has happened in the ongoing saga of the Canadian private corporation tax proposals since we last wrote about them. The tax and business community is waiting for the next step which will be the release of the second version of the “income sprinkling” draft legislation – promised to be released before the end

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An early Christmas present for agriculture

The second week of November holds a special place in my heart; harvest is generally done, calves are being shipped and the Canadian Finals Rodeo and Farmfair descends upon Edmonton. Truly the Canadian version of “Cowboy Christmas,” it’s five days of great rodeo and catching up with friends who have been busy farming all summer,

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From T.S. Eliot to BoJo: Why the List of Britons Giving Up US Status Continues to Grow

Oscar Wilde’s characters quipped in multiple instances that “when good Americans die they go to Paris,” while bad Americans stay in America. Wilde commented elsewhere about taxes, but he probably did not contemplate the irony that even the supposedly good Americans who make it to the City of Light are followed there—during life and after death—by the IRS.

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Where do we now stand on the Canadian Private Corporation Tax Proposals?

What a roller-coaster of a week it’s been! It seems like many moons ago when the Government announced – with offensive rhetoric – the contentious and divisive private corporation tax proposals on July 18, 2017, with an extremely short consultation period of 76 days. Businesses of all sizes and sectors rallied loudly against the proposals,

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The grass is getting greener on the other side of the border: Taking your business southward is a no-brainer

At the end of 2016, I published a short article aimed at Canadian businesses and entrepreneurs who are considering expanding into the US. In that article, I summarized the current US tax landscape and highlighted the potential impacts of then President-elect Trump’s tax reform plan. At that time, it was clear that the United States

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The Liberals came up with a solution. Now they are desperate to find a problem for it:

The latest chapter in the ongoing battle against Ottawa’s proposed changes to private company taxation unfolded this week. At the request of the Department of Finance, the Canadian Tax Foundation brought together practitioners and academics to provide input into the proposed changes which were described in our July 18, 2017 blogs. The presenters included a

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Our firm’s correspondence to the Minister of Finance: Round 2

Ever since the release of the July 18, 2017 private corporation tax proposals by the Canadian government, our firm has been very active in studying the proposals and informing the public of the consequences to the extent that they become implemented into law. In Advance of September 5-7, 2017 Kelowna, BC Caucus Meetings, our firm sent an email correspondence to the Liberal MPs.

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The Liberals want to wipe out the family farm!?

I don’t write as many blogs as other members of my firm, however, today my concern rose enough to put fingers to keyboard. On the September 7, 2017 edition of the CBC Alberta @Noon show (the portion that you’ll be interested in starts at about 39:25 and ends at about 42:45), Liberal advisor Michael Wolfson, a University of Ottawa economist, admitted to some of the consequences that the private corporation tax proposals may have for family farms.

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Our firm’s correspondence to the Minister of Finance

Ever since the release of the July 18, 2017 private corporation tax proposals by the Canadian government, our firm has been very active in studying the proposals and informing the public of the consequences to the extent that they become implemented into law. In Advance of September 5-7, 2017 Kelowna, BC Caucus Meetings, our firm sent an email correspondence to the Liberal MPs.

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