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Finance committee  Thank you for inviting me to this session. I really appreciate the opportunity to express not just my views but the views of many tax people out there. Earlier, I was in the gallery listening. I just kept shaking my head and saying, “Wow.” Why are we here? Is this really necessa

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  —these rules as proposed will make a family decide to sell their business to an outsider instead of passing it on to the next generation. There are no ifs, ands, or buts about that either. These rules say that if you sell to a family member, you're going to be taxed at dividend r

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  I'm sorry, I want to clarify the question. Was it just in general? Are there corporate benefits to tax savings from incorporating?

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  Yes, there are.

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  I think in 80% of the cases, yes, it's absolutely fair. I think there are some types of corporations where it's not fair and I think to look at corporations in isolation is also unfair. Individuals who have losses can use their losses against all sources of income. Companies, whe

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  You want a yes-or-no answer. That's a hard one to give a yes-or-no answer to. I think it is part of the government's platform. It was something that they were concerned about. I think it's a fair policy objective, as I said before, but I think it's important to have it based on

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  I think it is fair given the context that there is pension splitting to employees. I think that income sprinkling is a form of income sharing among business owners. I do think if there's going to be fairness in the system, the two should be allowed.

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  As I said earlier, I think some of the proposals are in line with the government's policy intent and with the platform they ran on, and I think those are workable. I think there's overkill in the proposals the way they are. They're just unwieldy. Unfortunately, the most dangerous

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  Given CRA's resources now, I do not think they will be able to handle this. CRA is having difficulty handling tax matters as they are now. I feel badly for the CRA employees, but there's an influx of audit work going on. Those audits are not resolved satisfactorily because of s

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  In fairness, it's not a question I can absolutely answer. My gut feeling is that it will cost more than it will benefit.

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  I think that the question you've asked oversimplifies things. Yes, money is retained in companies to fund retirement. It's also retained in capital-intensive companies for expansion, for downturns, etc. As I said earlier in my opening comments, there are some types of corporati

September 26th, 2017Committee meeting

Peter Weissman

Finance committee  Thank you. I want to thank you for having me here to share my thoughts with you about the upcoming budget. I've been a witness at this committee on other issues before, but just by way of background, I've been an income tax practitioner for over 30 years. While my comments toda

February 5th, 2020Committee meeting

Peter Weissman

Finance committee  Thank you. I'll end in 10 seconds. That team was the best in the world in 1972. That's when the tax act was amended. That team wouldn't stand a chance on the ice today. That's the version of the tax act we're working with. Thank you for your time. I'm sorry I went over.

February 5th, 2020Committee meeting

Peter Weissman

Finance committee  Thanks, Pierre. Yes, I'd be happy to give my observations. We've now had experience in the trenches with the TOSI rules. What we predicted is what's happening. We have a lot of difficulty interpreting the rules. They're not just tweaks. If you look at the record, if you look at

February 5th, 2020Committee meeting

Peter Weissman

Finance committee  Yes, and I am on record saying that.

February 5th, 2020Committee meeting

Peter Weissman