On July 18, federal Finance Minister Bill Morneau launched a 75-day public consultation on tax planning using private corporations. This legislation was specifically designed to support these types of small businesses, and encourage physicians, like myself, to continue opening professional practices to care for patients. Ontario’s doctors have been able to invest in their retirement and create self-financed benefits just like other incorporated businesses and salaried workers. The proposed tax changes could create a 73 per cent effective tax rate on the earnings from investments held inside professional corporations. The loss of these benefits will affect physicians who are sole income-earners, on parental leave, as well as those on sick leave.

Source: thestar August 02, 2017 15:10 UTC