Why You Should Attend
On June 6, 2018, the government passed Bill C-74, Budget Implementation Act, 2018, No. 1. Within this legislation, effective retroactively to January 1, 2018, are significant revisions to what was previously known as the “kiddie tax”. This new expanded regime, known as tax on split income or “TOSI” will have major impacts on the taxation of family units with respect to income earned from Canadian controlled private corporations “CCPCs”. Advisors will need to understand these rules as current structures may need to be amended to take into account the new regime and prior income sprinkling strategies may no longer work.
In addition, investment strategies may also need to be revised because of the clawback of the small business deduction when passive investment income exceeds $50,000.
Advisors who do not understand these rules may very well cause harm to the clients. This would result in loss of reputation and possibly a loss of clients. As such, it is imperative that advisors become familiar with these new rules as soon as possible.
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