Time for Tax Reform?
Following the release of the Department of Finance’s private corporation tax proposals on July 18, 2017, which was far more controversial than the government anticipated, over 21,000 letters containing comments, criticisms and suggestions were sent to Finance. A common theme contained in many of the letters was that the tax proposals should be abandoned in favour of a comprehensive review of Canada’s tax system and broader tax reform.
Calls for tax reform raise their own questions. What is tax reform? Who would be responsible for this effort, and how would they do it? Why are so many people calling for tax reform now? We’ll try and answer those questions in this article.