Preparing your business for changes to income splitting, passive income rules
Canadian business owners are facing recent tax changes that may have a significant impact on them: restrictions on income splitting, and the small business deduction grind in relation to passive investment income. These changes mean that income distributed by Canadian businesses, and investments made by them, could be taxed at a higher effective rate.
Despite the complexity of the new provisions and the confusion caused by them, a little preparation now can go a long way towards mitigating the financial headwinds.
Despite the complexity of the new provisions and the confusion caused by them, a little preparation now can go a long way towards mitigating the financial headwinds.
A team of our practitioners has considered each measure for its potential impact and has come up with some practical steps you can take to get your business prepared.
Grant Thornton works with businesses like yours to manage challenges and realize opportunities – to help business owners navigate through these tax measures in this new environment. For more information, or to speak to an advisor, please contact us.
Comments:
Post Your Comment: