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Goal of tax changes to ‘fix’ unfair system that encourages the wealthy to incorporate just for tax savings: Morneau
By Marco Vigliotti Oct. 18, 2017
In a Q&A with The Hill Times, Finance Minister Bill Morneau says tax reforms were prompted by a desire to lower the small business tax rate to nine per cent, as promised by the Liberals in the 2015 election campaign.
Finance Minister Bill Morneau says the Liberal government's economic plan is working, pointing to the 400,000 jobs that have been created since the Liberals assumed office and Canada's 6.2 per cent unemployment rate reported in September, the lowest in nearly a decade. The Hill Times file photo
Finance Minister Bill Morneau is under the spotlight as the Trudeau government concludes its second year in office. After all, Mr. Morneau (Toronto Centre, Ont.) is leading the introduction of contentious new reforms that would restrict the savings generated by incorporation. Most notably, the proposed changes, which have lit a powder keg among small business owners and incorporated professionals, would bar the practice of high-income earners shunting some of their income to family members through a corporation, in
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