The 75-day consultation period to the proposed federal tax changes on small businesses closed yesterday on October 2, 2017 and there has been no indication from the federal government that they will extend this consultation period. The proposed changes to the taxation aka “the proposed tax overhaul” may drastically change the type of tax planning small businesses, including family farms, can do and will likely increase their tax bill.
If you’re a small business owner or a farmer, attend our seminar to learn how our diversified team in tax, law, and financial planning will help you to develop a successful strategy to protect the future of your business. We encourage you to be proactive and get a second opinion; we are ready to help correct your current structures ASAP to maximize the opportunities that are still available if the proposed changes becomes effective in January 2018.
Stephen C. Mogdan, Lawyer, Stringam LLP
Rebecca Sanford, CPA, CA, Tax Manager, KPMG Enterprise
Don Strankman, Master Financial Planner, Wealth and Succession Planning
This seminar is to help small business owners understand the proposed tax changes, aka the proposed tax overhaul, and how it may drastically change their current tax planning and tax bill effective in 2018. It will be presented in conjunction with a tax specialist, lawyer, and a financial advisor who will present ways to still maximize opportunities while you still can in 2017.
If the proposed changes go through as outlined,
- income splitting between spouses and children will change
- the availability of the use of the capital gains exemption for certain individuals in certain structures, including trusts, may be limited, and
- tax plans previously employed for estate planning, i.e. the pipeline, will be lost
Additionally, the proposed rules for corporations who earn passive income (i.e. income from investment portfolios) will change, allowing for
- non-integration between personal and corporate tax rates for investment income,
- significantly increased taxation rates for corporations, and
- the loss of the use of the capital dividend account in some situations
Are you small business owner in southern Alberta that has been hearing a lot lately about the proposed federal tax changes? Is your business incorporated with a trust, with the trust as a shareholder? Do you earn passive income? (i.e. have income coming in from investments)? If so, you should attend!
Or, are you a farmer or rancher that often uses income splitting between your spouse and children to lower your tax bill every year? Also, do you have succession plans in place for your children to use their capital gains exemption? If so, you should also attend!
Specifically, the following businesses will benefit to ensure they are prepared to weather the proposed tax overhaul:
- Small business owners in Lethbridge and the surrounding rural areas in Coaldale, Taber, Picture Butte, Fort Macleod, Pincher Creek, and Cardston
- Farmers who are looking at transitioning their operation to the next generation
- Farming and non-farming children who are a part of your farm succession plan
- Date: Wednesday, October 18, 2017
- Time: 3:00PM – 5:00PM
- Location: Holiday Inn Lethbridge, Ballroom, 2375 Mayor Magrath Drive S