Archived Trudeau government plans to attack small family businesses for income sharing approaches to tax reduction. (cbc.ca)
submitted ago by KikeFree
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Archived on: 10/17/2017 10:00:00 AM
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Archived Trudeau government plans to attack small family businesses for income sharing approaches to tax reduction. (cbc.ca)
submitted ago by KikeFree
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[–] derram ago
https://archive.is/9kCiP | :
'Lower tax rates are meant to encourage businesses to invest and create jobs, not pay lower rates on a retirement portfolio, for example. '
'There has been an eight-fold increase in the number of corporations in Canada since the 1970s, while the gap between personal tax and business tax rates has grown significantly. '
'As of 2017, there is a 37.2 per cent gap, meaning income derived from a business faces a much lower tax burden. '
'Morneau plans to impose a "reasonableness" test so this does not punish legitimate family businesses. '
'Finance Minister Bill Morneau is proposing to close loopholes that allow wealthy Canadians to avoid higher tax rates, largely by targeting people who incorporate themselves and then draw income from their businesses while paying lower corporate taxes. '
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