Title

Why the Rich Should Revolt — And It's Not For the Reasons They Think

Document Type

Media Mention

Publication Date

9-15-2017

Source Publication

Financial Post

Description

On July 15, a beautiful 26 C summer day in Ottawa, Finance Minister Bill Morneau announced the Justin Trudeau government’s plan to revamp tax rules for small business corporations. The Liberals say these corporations — formally known as Canadian-Controlled Private Corporations — take advantage of giant tax loopholes that Canada’s wealthy use to dodge billions of dollars in taxes.

The loopholes are complicated and Morneau’s proposed fixes are even more so. The minister allowed 75 days for experts and users of CCPCs to assess the proposed changes. Some say the review period is too short, but it has been long enough for a groundswell of opposition to build among tax lawyers, doctors, farmers, small business owners and others.