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Finance committee Are you looking at the spousal support or the matrimonial split?
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee The spousal support is taxed in the hands of the recipient.
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee I would prefer not to answer that question.
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Can I add to that? What we see with a lot of families is that they don't necessarily have $15,000 of tax-paid money sitting vacant. They might have their money sitting within a registered vehicle themselves. If you'd had your money sitting inside an RRSP and did that, you would
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee You're referring to some of the tax on split income changes.
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee With respect to the passive income, 2019 will be the first year we start to see that. They haven't necessarily seen it yet, but we are seeing what businesses are doing in order to ensure that they would be below the threshold for their passive income in the future. There's defi
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee That's right.
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Absolutely.
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Some businesses are looking at the small business reduction and saying, “I guess I'm going to lose it.” Other businesses are saying, “What are we going to do to protect it?” They might be changing their investments to take assets off their balance sheet so that there is no passiv
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Yes, out of the company altogether. Once it's been moved out, from a policy perspective, the cash is out of the business. Now it might be in the individual's personal RSP or it might be somewhere else, and it's now hard to bring it back into the business, if need be. For the ta
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee If we do a comprehensive review—we've always been advocating that—we must do it correctly. It shouldn't be picking and choosing, picking winners and losers. A comprehensive review would be about building, creating, looking at all interested parties, building a system that works f
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee When we were here last September, we brought a 10-point plan to improve Canada's competitiveness. Number one on our plan was tax rate reductions. We currently have a 27% corporate rate. We have an over 50% personal rate in most provinces or close to it. Within the OECD, we are
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Filing tax returns in Canada has become increasingly complex over time. It's not just the existing government but it's also prior governments that have made things a lot more complex in Canada, and we can see this going back to, say, 2015. There were changes to section 55 that we
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Yes. I attended a round table last summer with the Department of Finance. They did four round tables across Canada, and we attended them. We would love to be more involved in the developing of the framework and hallmarks, because it is very important to get it right for Canadian
May 7th, 2019Committee meeting
Jennifer Kim Drever
Finance committee Yes. That's correct. I would like to point out that on the very right, where it says “2007 draft legislation”, this is what was originally proposed, and then got rolled back. These were the changes proposed to section 84(1) that the tax community was very concerned with. We sai
May 7th, 2019Committee meeting
Jennifer Kim Drever