Morneau’s tax revisions for small-business

“The Liberal government is making further concessions to small-business owners even as a Senate study has concluded that Finance Minister Bill Morneau should scrap his controversial tax plan entirely,” wrote Bill Curry for The Globe and Mail on Wednesday December 13th.

Curry continued, “As members of Parliament bolted for the exits for a six-week recess, Mr. Morneau stood in the House of Commons foyer to announce his latest revisions to tax changes he first proposed in July. The latest adjustments include new exemptions for certain family situations, but the minister is sticking with his plan to have the new rules take effect on Jan. 1.

Mr. Morneau said family businesses will have enough time to decide how they want to handle issues such as dividend payments to family members under the new rules, given that taxes for 2018 are not filed until 2019.”

Read the full article here. 



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