Potential Impacts of Changing Tax Regulations on Farming Operations
On July 18, 2017, the Honourable Bill Morneau, Minister of Finance, released draft legislation and explanatory notes intended to “close loopholes and deal with tax planning strategies that involve the use of private corporations.” The legislation is still in the consultation phase, but farmers need to understand the potential impacts of the changes ahead of time in order to implement any available strategies to help reduce taxes. The federal government is accepting submissions from taxpayers with their thoughts on the proposed changes until October 2, 2017.
MNP has put together an information sheet for farmers who may be affected by these changes. Click here to read more.
Submit your comments to the federal finance office by Oct. 2 by email to email@example.com