As a follow-up to our Tax Alert sent on July 19, 2017 (Click here to see July 19th alert), we have prepared a submission to the Department of Finance in regards to the proposed tax changes released July 18, 2017. (Click here to see proposed changes) We have prepared our submission to reach the widest audience, however please note that portions of the submission are technical and complex. We would encourage you to focus on the Examples and Implications sections of the submission and we hope this will be relevant for you. (Click here to see our submission)
Also, Ward & Uptigrove is pleased to present complimentary seminars discussing the proposed changes. Our team of tax professionals will discuss our concerns with the proposed changes including how the proposed measures:
Will negatively impact most small businesses;
May penalize the “Middle Class” family and not penalize the “Wealthy” family;
Do indeed have retroactive implications;
May result in risk of double or triple taxation for taxpayers; and
Will increase the administrative and compliance burden on taxpayers.
We will be holding the following two sessions:
Session #1: Farming Clients (Monday, September 25th at 10am to noon)
Session #2: Non-Farming Clients (Tuesday, September 26th at 9am to 11am)
These sessions are planned to be held at our office. However, depending on the number of attendees we may have to change the location. Any change in location will be communicated to those that confirm attendance.
Session #1 is targeted to our farming clients. The focus of the session will be to discuss how the proposed changes may impact family farm businesses and, in particular, concerns with succession of the farming business and farm property. Session #2 will be broader in scope and will be beneficial to all businesses, including our farming clients that are unable to attend Session #1. Each session will conclude with a Question and Answer period. At this point there are many uncertainties with these proposals, so our focus of this question and answer period will be on general themes. Specific issues regarding your situation should be discussed with your Ward & Uptigrove advisor following the seminars.
While we encourage all our clients to read our submission, it will be beneficial to all attendees to review it prior to attending the sessions.
The Department of Finance is accepting submissions from taxpayers until October 2, 2017. If after your review of our submission or attendance at our information session you want to get involved further, you can prepare your own submission to the Department of Finance and your local MP. To assist you in preparing this, we have prepared a sample cover letter you can use with your business letterhead.
We encourage all our clients to get involved in this process.
If you plan to attend either of the above two seminars, please confirm your attendance either by phone at (519) 291-3040 or by email at firstname.lastname@example.org. Please specify which one of the two sessions you will be attending and the number of attendees in your group.
Please note that for all those Ward & Uptigrove clients that have a family trust, that a separate communication will follow at a subsequent date.
If after reading our submission you have questions and cannot attend the sessions please contact your Ward & Uptigrove advisor.
As noted previously, our firm is following this process closely and we will be in contact when further details are released/available from the Government.
Ward & Uptigrove
Chartered Professional Accountants
PO Box 127
145 Main Street E
Listowel, ON N4W 3H2