Our Top Posts of 2017: What Are Financial Professionals Reading?

It’s a sign of the times: Knowledge Bureau Report readers were most interested in recent tax news, based on our top five posts revisited here. The proposals to change the tax system for private corporations are of most concern; small wonder, too. Not yet law, Tax on Split Income (TOSI) rules begin January 1, 2018. Principle residence reporting changes are important too. Here’s what mattered most to our readers in 2017:

1. Experts Say Tax Changes Will Hurt Business Owners Earning as Little as $50K

This article addressed the then-pending October 2017 deadline to provide feedback on what were deemed the “unfair tax changes” affecting private corporations. The business community took a stand against these proposals, asking the federal government to scrap them in favour of a comprehensive tax policy review.

2. Nine in 10 Business and Financial Pros Oppose Morneau’s Tax Proposals

Knowledge Bureau Report readers added their comments to a poll, demonstrating that industry professionals, and not just small-business owners affected by the suggested tax changes, were in opposition. Those who commented cited that these proposals were unfair due to the risks that small-business owners take; the contribution small businesses make to the Canadian economy and the resulting impacts; reduced standards of living due to the changes to CCPC; and that the proposals could encourage tax evasion. Now that the game has further changed, going into 2018, these comments hold even more weight.

3. Selling the Cottage? Remember, the New CRA Reporting Rules Will Affect You

New reporting rules for the sale of all residences were introduced in 2016, and the T2091 form for reporting non-principle residences became mandatory. This year, however, all sales of principle residences require T2091 reporting. That’s news to many.

4. Changes to Corporate Income Splitting Rules Could Hurt Women and Families

In Canada, more men than women are business owners, and they are responsible for initiating income spitting strategies with spouses and children. The government says that’s a disincentive to women entering the workforce . . . so they are making it much more expensive for non-active spouses to stay home. But how will that impact family life for Canadian entrepreneurs?

5. Special Report on Taxation of Passive Income in Private Corporations

In a November 2017 report, the Parliamentary Budget Officer (PBO) provided analysis of macro-economic and fiscal policy in order to enhance the quality of debate in parliament. Unfortunately, legislation on some of the most controversial trends and changes was introduced before debate could occur just before Christmas.

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