Finance committee  That's a two-part question. The first was about the reduction, or was it that less tax was collected although the rates went up?

Finance committee  It's probably too early to tell what the long-term ramifications were, but one thing that did happen.... I live in Alberta and we had a compounding effect. We had a 5% increase provincially, and we had a 4% increase federally, but our dividend rates also went up 11%. What we did

Finance committee  Yes.

Finance committee  Thank you for the question. The transition of a business from one generation to the next is something that's very near and dear to our hearts at MNP, because we deal with owner-managed businesses quite frequently. This is one of the things they struggle with all the time. How do

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

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

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

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

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

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

Finance committee  You're referring to some of the tax on split income changes.

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

Finance committee  That's right.

Finance committee  Absolutely.

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