Ottawa (ON) – November 30, 2017 – With 31 days left in the year, the CMA is concerned with the lack of information on the income sprinkling rules changes, which are set to take effect January 1, 2018. These changes, alongside those proposed for passive investments and intergenerational transfers, represent the most important changes to our tax system in over 40 years.
The CMA, in collaboration with the Coalition for Small Business Tax Fairness, is recommending that the federal government first undertake an economic impact assessment of the proposed changes, which would involve delaying their implementation.
“Small businesses have been legally using the current tax framework for decades and it’s important for everyone to better understand the consequences of these changes,” says Dr. Laurent Marcoux, president of the CMA. “We were encouraged to see the federal government adjusting some of the proposed changes, but there’s much more work for all of us to do collectively.”
Since July, physicians have sent more than 12,000 letters to their Members of Parliament (MPs) and Finance Minister Bill Morneau, met with MPs in their ridings, participated in town hall meetings and voiced their concerns with the implications of the original proposal in local, national and social media.