As it is now getting close to the tax season,this year,  I'd like to do a series of Income Taxes Updates on Federal and Provincial - BC only for personal and businesses again for 2017 - 2018, so we can all prepare for doing our income tax return for 2017 and can plan for what's coming in 2018.

This series will be divided into 4 parts:

Part 1:  Personal Federal Taxes Changes

• Disability Tax Credit – Nurse Practitioners......

On July 18, 2017, the Liberal government released a consultation paper “Tax Planning Using Private Corporations”.  In this paper, the government proposes three changes to Canada’s current taxation system: 

• Eliminating income sprinkling
• Discouraging holding passive investments inside a private corporation by disallowing the use of Refundable Dividend Tax On Hand (RDTOH) and Capital Dividend Account (CDA)
• Converting capital gains into taxable dividends using section 84.1 of Income Tax Act......