On January 30, 2018, New Brunswick Finance Minister, The Hon. Cathy Rogers, tabled the province’s 2018–19 budget. The province will continue to focus on the following three areas: health care, education and jobs.
The federal government released revised draft legislative proposals to limit the ability of owners of private corporations to lower their personal income taxes by sprinkling their income to family members who are subject to lower personal tax rates and do not directly contribute to the business.
On July 18, the Department of Finance released draft legislation proposing changes to the way private corporations are taxed.
On October 24, Finance Minister Bill Morneau tabled the 2017 Fall Economic Statement. In the statement, the government reiterated its continuing focus to invest in the economy so that it works for the middle class and those working to join it.
The federal government announced a number of changes in response to the public backlash received since they released their tax proposals affecting private companies on July 18, 2017.
Department of Finance released draft legislation which could cause distributions from certain limited partnerships to general partners to now be subject to GST/HST.
Federal Minister of Finance, Bill Morneau, presented his budget on March 22, 2017. The government is continuing with its planned focus on the middle class through innovation, skills, partnership and fairness.
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. Several significant changes arose out of this tax legislation. Some changes contain sunrise provisions (i.e. delayed effective dates) while most of the individual changes contain sunset provisions (i.e. expiry dates), making planning rather difficult.