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Is This The End of Professional Corporations? Three Things Everyone Needs to Know About The Latest Comments From Finance Minister Morneau

October 18, 2017

Read online or download the full update here.

Following Finance Minister Bill Morneau’s magical misdirection on Monday, October 16, 2017 (whereby the federal Liberal government made us look one way in their announcement of the promised reduction of the small business tax rate to avoid us looking the other way at their July 2017 tax proposals), Mr. Morneau today announced “target tax fairness measures” regarding the use of passive investments in Canadian-controlled private corporations (CCPCs) (which includes professional corporations). 

Here are three things everyone who has a CCPC needs to know:   

1. Grandfathering for income already in the CCPC

The Liberal government has stressed many times, and reiterated in today’s announcement, that all past investments and income earned from those investments will be protected. So, it...

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