Small Business Tax Changes

Aug 15, 2017

By Michelle Saunders

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The Federal Government is proposing some tax changes that will affect small businesses, at least those that are incorporated – especially doctors. Ottawa says these changes would close loopholes that give these businesses unfair advantages, but these businesses say the changes are unfair. The most notable is a proposal to tax passive investments in a corporation at a very high rate. Right now they are taxed at the lower business rate, but as soon as a a corporation owner takes the money out personally they have to pay full tax. Many rely on this deferral as a kind of pension scheme. This does not just affect doctors, but 60% of them are incorporated and they also say they were allowed to incorporate in lieu of getting fee hikes. Libby talks with Ontario Medical Association President Elect Dr. Nadia Alam and Julie Kwiecinski, Director of Provincial Affairs of Ontario with the Canadian Federation of Independent Business. Click here to listen to the podcast

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