Feedback wanted on small biz succession and tax planning

Ottawa – The federal government is inviting feedback on ways it can make it easier and less costly to transfer businesses between generations. 

This news comes via the Canadian Federation of Independent Business, which for years has lobbied the federal government to bring about changes in the income tax system.

In July the government provided details about tax planning strategies involving the use of private corporations and set out proposed policy responses to close loopholes and bring greater fairness to the tax system. Stakeholders – including the affected business communities, provincial and territorial governments, tax advisors, commentators and other Canadians concerned about the fairness of Canada’s income tax system – are encouraged to share their views and ideas about the proposals to address the tax planning strategies discussed in this paper, the Department of Finance website said.

The deadline for written comments is Oct. 2, 2017. Comments should be sent to fin.consultation.fin@canada.ca

For more information, visit the Department of Finance website.