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.
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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.