The message is clear from Parliament Hill as of late. There are changes on the horizon that will affect business owners and their families deeply.
It is unclear what exactly the changes will be. There has been suggestions of reducing the tax deduction room of business owners who don’t meet a minimum requirement for number of employees. Family members who are shareholders may be taxed at the highest marginal rate on any income and dividends, effectively nullifying the use of income splitting.
Read more from the Ottawa Business Journal here.
However this rolls out in 2016 and beyond, now is the time to explore strategies that will help you protect your family and business.
As always, we welcome questions and conversations that will help you plan and reach your goals.