Update on Proposed Changes to Corporate Tax Planning and Tax Reduction Strategies

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16 Oct Update on Proposed Changes to Corporate Tax Planning and Tax Reduction Strategies

Posted at 13:35h in business tax, What's Trending in Business by Team Clearline 16 Oct

(October 16, 2017) – Today, the Federal Liberal government held a press conference in Ottawa to discuss the controversial proposed tax measures that were originally proposed on July 18, 2017.

Very few details were released during the conference. Below is a recap on what was discussed:

We will see a reduction in the Federal small business tax rate (active business income less than $500,000) from 10.5% to 10% effective January 1, 2018 and down to 9% effective January 1, 2019. In BC, this will mean the small business rate for 2018 will be 12% and 11% in 2019.
There will be no changes to the capital gains exemption rules (the lifetime capital exemption is currently $835,716).
The government will proceed with stopping the use of income sprinkling (paying dividends to family members who are subject to lower personal tax rates) to non-active family members.

We expect that the tax measures will be released later this week. We will keep you aware of changes as more information is released.

If you have any questions about how this impacts you or your business, please call us at 604.639.0909, or send us an email.

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business finances, business news, business tax, Chartered Professional Accountants, corporate tax, taxes

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Kevin He

Manager

As a Manager in Clearline CPA’s Private Enterprise group, Kevin specializes in reviews, compilations, and tax services for small to medium-sized businesses. With over seven years of experience in public practice, he is passionate about working closely with clients to understand their unique needs, aspirations, and challenges. He has a passion for helping clients develop a roadmap for long-term success. Kevin holds a Bachelor of Arts specializing in Economics and Mathematics and a Diploma in Accounting from the University of British Columbia. His analytical background and hands-on experience allow him to provide clients with tailored financial solutions and strategic insights. Kevin values the opportunity to collaborate with skilled professionals, exchanging ideas and resources to deliver the best possible outcomes for clients. Outside of work, Kevin enjoys traveling with his family in search of great food and spending quality time with his two sons, playing soccer and basketball together.

Bhavika Khatri

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With over 14 years of experience in public practice, Bhavika Khatri is a Manager in Clearline CPA’s Private Enterprise Group, specializing in compilations and tax services for small to medium-sized businesses. Bhavika holds a double major in Accounting and Financial Management & Information Systems from the University of the South Pacific in Fiji and brings extensive expertise in reviews, compilations, and corporate tax across diverse industries, including construction, manufacturing, and incorporated professionals. Bhavika is passionate about learning and delivering exceptional client service, values that align well with Clearline’s supportive environment and commitment to continuous training. She appreciates the team culture and opportunities for professional growth at Clearline. Outside of work, Bhavika enjoys baking, gardening, traveling, and visiting family in Fiji.

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Cadroe Lee is a Manager on our Assurance team, and he holds a CPA, CA designation. With a career rooted in financial systems, auditing, and accounting, Cadroe is dedicated to supporting clients in achieving excellence in their assurance processes through precision, strategic insights, and robust financial reporting practices. Cadroe’s professional journey includes experience with global firms like KPMG, where they honed their expertise in auditing and assurance, as well as industry roles specializing in consolidations and process optimization. These roles have provided Cadroe with a comprehensive understanding of complex financial environments and a proven ability to drive efficiencies while maintaining high standards of accuracy and compliance. Cadroe chose Clearline for its forward-thinking leadership, collaborative culture, and commitment to professional development, all of which align with their passion for delivering quality service to clients. Outside of work, Cadroe enjoys spending time with family, exploring advancements in technology, and pursuing investment opportunities with a focus on long-term growth.

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