For small business owners, there are changes from the recent federal budget that could impact tax planning using private corporations.  RBC Wealth Management has written a comprehensive article detailing:

• Limiting access to the small business deduction and the relationship to passive income
• If you have more than one corporation, are they associated?
• Refundability of taxes on investment income and changes to RDTOH

We have posted this article to the Our Resources page of our website or it can be found at the following link: Passive investment income in a private corporation

As always, we recommend consulting your tax advisor to understand the impact of these changes.

For clients of Hayes Vickers Wealth Management, we will work together with you and your accountant to understand the impact of these changes and assess if any adjustments need to be made to your wealth management strategies.

Kieron

Hayes Vickers Private Wealth