There are already commentaries coming out on the new rules which I think are very valuable (and I will write one shortly) but I wanted to write my first one focused on what I find to be a 'weird' exclusion in the rules that makes me concerned about the upcoming passive investment rules that are expected to be released in Budget 2018.
I am a Partner in an accounting firm and I am on vacation… I thought.
I am visiting my In-Laws in Toronto and if only I could say this was in fact vacation. The reality is that my In-Laws took my two kids to the Zoo so that I can catch up on the hundreds of emails and various files I need to get done.
Allen* comes in to the office and says that he needs to sell the family business because his siblings want better returns then he can provide under the new proposed Liberal tax rules. This is truly a shame and has led to another local community supporting family businesses trying to sell.