Finance committee  I'm from Grande Prairie.

Finance committee  When their income is flowed out, there will be, say, a 50% immediate tax at the corporate level.

Finance committee  When the dividends are taken out to the individual, that tax rate can be another 45% on the remaining $50. That being said, the tax rate effectively is up to 73% to 74% depending on the province.

Finance committee  Absolutely not. It will not apply to public companies at all. The public company on inactive income would be paying 27% tax. A foreign-owned company would be paying 27% tax.

Finance committee  A private company is going to be 50% and a REIT is zero.

Finance committee  Yes, so effectively, the public company ends up with a flow-through rate of just under 50%.

Finance committee  We would. We would have to look at other options for the clients if it's now cost-prohibitive to invest in their company to save for their rainy days or to help fund their economic fluctuations. We will have to look at other ways we can do that, and some of those would be, say, I

Finance committee  There are many companies in Canada that provide that.

Finance committee  I am choosing not to.

Finance committee  That is one of the tenets of the Canadian tax system, that income splitting is mandated. Currently, we can do income splitting with pensions. We can do income splitting with RRSPs. The only opportunity for a lot of business owners for income splitting is with multiple shareholder

Finance committee  That is absolutely correct. These rules, these new changes coming to 84.1 and 246.1, what they're effectively doing is making it so you pay double tax when you're transitioning a family business. The parent will have to pay tax first on the disposition and the kid will have to pa

Finance committee  I am from the Peace region of Alberta. Just for the record, I believe there the stat is that there are more arable acres in that region of Alberta than there are in the entire province of Manitoba. We have a lot of farm clients in that area, and there are corporations of farmers.

Finance committee  That's actually a very complex question. It depends on the complexity and what is going on in that company. It also depends on what level of financial statements the bank would require.

Finance committee  For a small business that has “notice to reader” financial statements, I would expect the average to be somewhere between $1,500 to $2,500.

Finance committee  It depends on the size of the accounting firm.