Finance releases and CRA releases
FINANCE RELEASES ( www.canada.ca/en/department- finance.html )
1. September 5, 2017 – Finance Minister Bill Morneau and Minister of Small Business and Tourism, Bardish Chagger, are undertaking a cross country listening tour with respect to the proposed changes to the CCPC taxation.
2. October 3, 2017 – Late Breaking: As the consultation period regarding taxation of private corporations comes to an end, those proving submissions were thanked. The next steps will be based on the following key principles: keeping taxes low for small businesses; avoiding unnecessary red tape; ensuring that the transfer of a family business to the next generation is not affected; and conducting a gender-based analysis. No specific step or timeline was provided.
CRA RELEASES ( www.canada.ca/en/services/taxes/income – tax.html )
1. September 1, 2017 – A CRA news release announced that an office will be opened up in Whitehorse, Yukon, to support residents with their filing obligations. The centre will also focus on providing specialized support to businesses and individuals in context of northern resident issues (such as the northern resident deduction).
2. August 21, 2017 – CRA announced that it has begun making automated courtesy calls notifying registered charities that the due date for filing their completed information return is approaching. A charity’s status may be revoked if it doesn’t file.3. August 9, 2017 – A CRA news release commented on schemes that claim that taxes don’t have to be paid. Discussed were the “tax protester” and “natural person” movements.
4. August 2017 – CRA announced that a webinar information session for employers who have questions on the small business deduction will be held on October 18, 2017.
