A review of the Income Tax Act is to be completed by June 30, 2017. The Federal Government has noted it plans to implement initiatives aimed at simplifying the system.
• Does your corporation make sales to other corporations in which you or another relative has an interest? If so, your access to small business tax rate may be affected.
• Curious about how the new federal Liberal Government has performed against their election promises? How about what may be forthcoming? The website, www.trudeaumetre.ca, tracks the progress on their promises. It notes whether the promises have been achieved, broken, in progress, or not yet started.
• How will the 2016 Federal Budget tax changes impact you? Find out using this Parliamentary Budget Officer calculator found at https://www.pbo-dpb.gc.ca/en/