On July 18, 207 the Department of Finance released a discussion paper on proposed changes to the Income Tax Act that may have a significant impact on your taxes in 2018. These proposals address what the Government perceives as "loopholes" in the Canadian tax system.
It is important to note that this is a discussion paper on the changes that they want to make. For the most part, these changes would be effective for 2018 and future tax years.
The discussion paper focuses on the following three items:
Tax law is subject to continual change, at times on a retroactive basis. Should the facts be incorrect or incomplete or should the law change, our advice may not be appropriate. We are not responsible for updating our advice based on changes in the law after the date of this blog.