This checklist will help owner managers as they review their year-end tax planning
As an owner-manager of a company, it is important for you to consider year-end tax planning to make sure you are receiving distributions from your company in a tax-efficient manner. As the Liberal Party of Canada has been elected for a second term, albeit with only a mandate to form a minority government, it is likely that you and your business will continue to be affected by existing rules affecting small businesses, including the relatively recent tax on split income (TOSI) rules and the new passive investment income regime.
These new tax rules are complex and it will take you time to fully assess how they may affect you, your family and your private company. As a result, we recommend you meet with your KPMG Enterprise Tax Advisor as soon as possible—well before the end of the year—so that you can determine how these and other tax rules might affect you, your family and your private company.
Download this edition of the TaxNewsFlash to learn more.