TPC Financial Group endeavours to provide the most comprehensive financial services for its clients. As rules and regulations change that may impact our clients, we strive to provide all necessary information to our clients in a fast and easy to understand way. We also make clients aware of other information that we feel would be beneficial for them personally, or for their corporation.
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Below are the monthly newsletters that we have sent to all clients.
TPC Financial Group Ltd. is committed to keeping all impacted individuals informed of new developments related to Bill Morneau’s proposed tax changes. As you are likely aware, the changes relate to perceived tax “loopholes” that are being used by professionals and small business owners across Canada. The proposed changes look to address the following items:
Income splitting with family members.
Passive investment income within corporations.
Manipulation of income into capital gains.
The general consensus amongst industry experts is that if the proposed changes are implemented, legislation relating to income splitting and passive investment income will not be retroactive and would be implemented starting January 1st, 2018. In this respect, no immediate action should be taken in anticipation of these changes.
Once the result of the […]
As discussed in our previous newsletters, our office is committed to keeping all clients and associates informed of the proposed changes set forth in federal Finance Minister Bill Morneau’s discussion paper.
The proposed changes stand to impact professionals at all stages of their careers, and without a strong and unified response from those potentially affected, there stands a greater chance of the proposals being passed as legislation.
In order to make advocacy more accessible for professionals who are already pressed for time, our office has prepared a letter that can be forwarded to your local Member of Parliament. This letter outlines many of the challenges that are faced by individuals in your situation, and urges your MP to take action against the proposed legislation.
The letter […]
To TPC Financial Group Ltd. clients, associates, and other interested professionals,
As you are aware, on July 18th Finance Minister Bill Morneau proposed changes with regards to tax legislation around perceived “loopholes” in the system. These changes would specifically target individuals that they deem high-income earners and individuals with corporations or small businesses.
The changes are centered around three tax minimization strategies that the Liberal government is hoping to restrict: income splitting with family members, passive investment income within corporations, and manipulation of income into capital gains.
While restricting the conversion of business income into capital gains is a well-intentioned and level-headed response to legitimate tax avoidance, eliminating the last remaining tax benefits for business owners is senseless and illogical.
As advocates for professionals […]
As you may be aware, Bill Morneau, the federal finance minister, made an announcement today that the federal government is proposing to make three tax changes to target what they perceive to be “loopholes” in the system. These changes would specifically target individuals that they deem high-income earners and individuals with corporations or small businesses. The announcement has to do with the discussion paper that they indicated was coming this summer when they released their federal budget back in March.
The first of the three specific changes has to do with income splitting, or “income sprinkling” described by Mr. Morneau. More specifically, the splitting of income with family members that are […]
Please note the Budget did not propose many changes to the Federal Income Tax laws. The Federal personal income tax rates remain unchanged. In addition, both the Federal general and small business corporate income tax rates remain unchanged.
There will be discussion papers regarding income sprinkling to family members, as well as corporately held portfolios, yet nothing definitive has been released at this time.
There were some relatively minor changes made to the Federal tax laws. The following is a brief summary of some of the tax measures that will impact some of our clients that were introduced by the Federal Finance Minister Bill Morneau on March 22, 2017.
Public Transit Tax Credit
The budget eliminates the public transit tax credit effective July 1, […]