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Originally Posted by NuclearFart
Spoke with my accountant this AM, so straight from his overpriced mouth. I know you are medical, but we might have different PC setups, as mine is structured around a partnership with equity.
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http://www.theglobeandmail.com/repor...ticle29359040/
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1) Small business deduction
The 2016 budget saw two types of changes made to the small business deduction. Under existing legislation, the small business deduction is available to corporations that earn business income up to $500,000. The tax rate is 15 per cent and the deduction provides tax savings of up to $55,000.
There was a perceived abuse of primarily professionals that used corporations to claim the small business deduction by charging fees to a partnership of which the shareholder was a partner. This perceived loophole has now been blocked, as these fees are no longer eligible for a full small business deduction.
Additionally, previous tax plans had allowed that under certain circumstances, groups of companies could potentially double up on the small business deduction by allowing for the conversion of interest income to active income. The 2016 budget has removed this planning and has closed the perceived tax loophole.
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Is this the part that has changed for you ?