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CPA Canada’s views and recommendations to Finance Canada

CPA Canada’s views and recommendations to Finance Canada

Read CPA Canada’s views and recommendations in response to Finance Canada’s consultations on tax planning using private corporations.

Source: CPA Canada

CPA Canada’s full submission on Tax Planning Using Private Corporations:

CPA Canada’s October 2, 2017 letter to Finance Canada and the executive summary of its submission:

Excerpt from CPA Canada’s full report:  
CPA Canada is one of the largest and most respected national accounting organizations in the world, representing more than 210,000 Canadian chartered professional accountants (CPAs) at home and abroad. CPAs work in every sector of the economy. They are the business and accounting leaders
that Canadian taxpayers count on to represent their interests with integrity and competence, and to help them comply with Canada’s complex tax laws. CPA Canada also works collaboratively with the Government of Canada, including the Canada Revenue Agency and Finance Canada, with a view
to improving the tax system for all Canadians.

In this submission, we present our serious concerns with the consultation process. When any new tax law is proposed, there should be a detailed, constructive, two-way consultation with all parties affected. In this case, the short consultation period, its summertime launch and the release of draft implementing legislation lead CPA Canada to believe such consultation has not occurred.

Related Submissions from The Joint Committee on Taxation of The Canadian Bar Association and Chartered Professional Accountants of Canada

Source: the Canadian Tax Foundation

Tax Planning Using Private Corporations – Tax on Split Income and Limitation of Lifetime Capital Gains Deduction Proposals

Tax Planning Using Private Corporations – “Converting Income into Capital Gains” Proposals

Taxation of Private Corporations – Passive Income Proposals

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