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January 11, 2018 – Registration for the 2018 CALU Annual General Meeting (AGM) will open soon. In the meantime, please mark May 6 to 9 in the calendar.

Tax Changes to Private Corporations

On July 18, 2017, the Department of Finance (Finance) released a 60+ page consultation paper entitled “Tax Planning Using Private Corporations”. This follows up on concerns expressed by Finance in Budget 2017 that high income Canadians were using private corporations to obtain tax advantages that are not available to other Canadians. To ensure members are familiar with the proposals and CALU's action steps, we have created a special section of the member-only side of the website so you can easily access various materials. Click here to access it now.

Detailed Analysis of Revised Income Sprinkling (TOSI) Rules

December 15, 2017 – The Department of Finance has released revised draft legislation and explanatory notes relating to the income sprinkling proposals that were originally part of Finance Canada’s July 18, 2017 consultation paper. Click here to access a CALU Special Report, authored by Tax Consultant Kevin Wark and reviewed by Tax Consultant Angela Ross, that provides a more detailed discussion on the application of the tax on split income (TOSI) rules and the most significant changes from the rules outlined in the July 2017 proposals. 

Analysis of Changes to the Taxation of Corporate Passive Investment Income

November 23, 2017 – The Parliamentary Budget Officer (PBO) released a report today which estimated the potential tax revenues arising from the Department of Finance’s July 18, 2017 proposals relating to the taxation of passive income earned within Canadian Controlled Private Corporations (CCPCs). The PBO estimates that these changes could increase annual federal revenues by up to $1 billion in the short term (one to two years after implementation), $3 to $4 billion over the medium term (five to ten years after implementation) and up to $6 billion over the “long term”. The analysis also suggests that the proposed policy changes could take over 20 years to reach full maturity, and that currently about 47,000 (2.5 per cent) of CCPCs would be affected by these changes. For a copy of the PBO report please click here

Update: The Coalition for Small Business Tax Fairness

November 22, 2017 – The Coalition continues to grow in size and has sent Finance Minister Morneau a third letter. Click here for details.

Senate Finance Committee Appearance

On October 24, 2017, CALU appeared before the Senate Committee on National Finance (NFFN) to participate in the Committee's Study of the Proposed Changes to the Income Tax Act Respecting the Taxation of Private Corporations. Please click here for more details including a video of the presentation.

Finance Minister's Announcements

The Finance Minister has made several announcements relating to the consultation on the taxation of private corporations. Click here for a summary of announcements to October 18, 2017. Click here for an update on the Finance Minister's announcement on corporate surplus stripping.


CALU has made two submissions: one specific to section 84.1 and family business succession, and the other specific to the balance of the proposals

CALU Joins Coalition

CALU has joined 34 other organizations from across Canada to form the Coalition for Small Business Tax Fairness. Click here for more details.

Articles of Interest

Click here to access a list of various articles (in descending chronological order) that have been written about the government's proposals to make changes to the taxation of private corporations.

Webcast Replay

Click here for details on how to access the recording of the member-only webcast held on Tuesday, August 29.

Latest Issue of infoEXCHANGE Now Available

December 22, 2017 – The latest edition of infoEXCHANGE (2017, Vol. 3) has now been posted to the member-only side of the website. Please click here to access it now.

2017 APFF Tax Roundtable Now Available

December 20, 2017 – On Oct. 6, 2017, L'Association de planification fiscale et financiere (APFF) held their annual convention in Montreal. At that time, a Tax Roundtable, coordinated by Mme Jocelyne Gagnon, a member of APFF and of CALU, was held with representatives of the Canada Revenue Agency and the Department of Finance Canada responding to questions of importance to the taxation and advanced planning applications of life insurance and related financial products. Please click here to access the English translation of select questions and answers from the original French language document for 2017 and earlier years.

2017 Regional Meetings - Webcast Replay Available

November 30, 2017 – If you missed attending this year’s regional meetings – or want to hear the information again – you can listen to the replay of the webcast held on Wednesday, November 29th. Please click here for more information details.

November 2017 Edition of CALU Report Released

The November 2017 edition of the CALU Report, entitled "Comparison of Segregated Fund and Mutual Fund Taxation," has now been posted to the member-only side of the website. Please click here to access it now.

CALU Makes 2018 Pre-budget Submission

CALU has made a submission to the House of Commons Standing Committee on Finance as part of the Committee's 2018 pre-budget consultation process. Please click here for more details.

Retail Sales Tax on Insurance

Saskatchewan has imposed a 6% retail sales tax (RST) on individual and group insurance premiums. Please click here for more details.

CALU Releases Third Practice Note

The Market Conduct Standards Technical Committee, Chaired by Roger Thorpe, has released their third Practice Note, “Leveraged Insured Annuities: Following Best Practices,” which provides background on various insured annuity arrangements, discusses the LIA policy rules introduced in 2013, and reviews newer arrangements that may be the subject of review by the Canada Revenue Agency or the Department of Finance. This note also comments on best practices when putting in place investment loans which are collaterally secured by life insurance and/or annuity products. Please click here for more information.