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New tax proposals will overturn decades of settled law

Tuesday, September 12, 2017 @ 09:02 AM | By Robert Kepes

The firestorm from the July 18, 2017, federal tax proposals has been met with fury from the tax community and from small and medium enterprises. Some of the changes will dramatically change tax planning for private corporations, including many professional corporations.

The proposals are contained in a consultation paper that was promised in the federal budget of March 2017. The budget set out the government’s intention to close “tax loopholes,” reinstitute “fairness,” and end “tax-planning strategies using private corporations, which can result in high-income individuals gaining...