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Lack of details on January 1st tax changes

Lack of details on January 1st tax changes

Income Splitting Changes

Small-business advocates lament ‘appalling’ lack of detail ahead of Jan. 1 tax changes

Source: The Globe and Mail
Author: Adrian Wyld

The federal government will impose new restrictions on how small-business owners can divide income among family members as of Jan. 1, even though the promised details of the changes still haven’t been released.

Anxious business owners are warning the lack of information will create big headaches in the new year.

Dan Kelly, president of the Canadian Federation of Independent Business (CFIB), said the new rules could force companies to make complex revisions to their ownership structures.

 “To expect them to make changes to all of that for a Jan. 1 implementation, with no detail whatsoever being shared, I find it appalling,” said Mr. Kelly. “At minimum, they should be kicking this forward a year. To do anything other than that I think is going to just reignite the problem that they spent a lot of effort to put out.”

Read the full article here.

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