A decade of tax changes affecting private corporations are receiving their full treatment in a new publication co-authored by the Tax professionals of BDO Canada.
Taxation of Private Corporations and Their Shareholders, is the primary resource on the topic for tax practitioners, accountants and lawyers across Canada. It was published by the Canadian Tax Foundation and is available both as a standalone print volume and as part of TaxFind, which is the foundation's online collection. The just-released fifth edition features extensive updates and entirely new chapters.
"We are very proud at BDO Canada to have partnered with Gowling WLG (Canada) to co-author this publication for the benefit of the Canadian Tax Foundation and the entire Canadian tax community," said Dave Walsh, Tax Service Line Leader at BDO Canada LLP.
"This publication explains many of the complex tax issues for private businesses throughout the mid-market—as well as their shareholders, family members, and other tax advisors. This truly was a collaborative effort bringing together the Canadian Tax Foundation, Gowling WLG and the BDO Tax practice across the country. We are all very proud to have participated in such a great publication."
Tax planning for private corporations has changed in many ways since the book was last updated in 2010. Some of these changes are transformational including the new rules enacted in 2018 that significantly changed the effectiveness of income splitting through the use of private corporations.
Other areas of focus in the book include:
- the income tax treatment to use a holding corporation;
- tax advantages that regulated professionals can receive by incorporating their practice;
- distributions to owner-managers, employees, and family members;
- managing taxes for passive income;
- tax considerations in the purchase and sale of a business; and
- Scientific Research and Experimental Development (SR&ED) and Investment Tax Credit Incentives.
BDO Tax professionals from across various specialties and across the nation co-authored and edited the book. The effort from BDO was led by Dave Walsh and Rachel Gervais.
BDO was the accounting co-author for the publication and wrote nine chapters. Gowling WLG was the legal co-author and contributed with nine chapters. BDO and Gowling co-authored three additional chapters.
"It was a pleasure to work with the dedicated professionals at BDO Canada LLP and Gowling WLG (Canada) LLP on the fifth edition of Taxation of Private Corporations and Their Shareholders," said Heather L. Evans, executive director and CEO of the Canadian Tax Foundation. "We are excited to share this timely and insightful treatise, and we are confident that tax practitioners will find it a trusted, comprehensive and invaluable resource."
The publication has gained trust in the tax community based on its comprehensive and pragmatic analysis of a complex topic that underpins Canadian entrepreneurship.
"We were thrilled to collaborate with the Canadian Tax Foundation and BDO Canada to produce the latest edition of Taxation of Private Corporations and Their Shareholders," said John Sorensen, Partner, Gowling WLG.
About BDO
BDO Canada LLP is a leading provider of professional services to clients of all sizes in virtually all business sectors. Our team delivers a comprehensive range of assurance, accounting, tax, and advisory services, complemented by a deep industry knowledge gained from nearly 100 years of working within local communities. As part of the international BDO network, we're able to provide seamless and consistent cross-border services to clients with global needs. Over 73,000 people work out of more than 1,500 offices in 162 countries, generating worldwide revenue of $8.1 billion.
BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO member Firms.
About BDO's Tax Practice
BDO's Tax practice draws on deep experience, global resources, and specialized industry knowledge to advise clients on complex tax issues in Canada and abroad. Driven by a tailored, hands-on approach, we work to minimize liabilities and help clients succeed in their most important endeavours
Contacts:
Dave Walsh, Tax Service Line Leader
BDO Canada
Phone: 416-369-3126
Email: dwalsh@bdo.ca
Rachel Gervais, GTA Group Tax Service Line Leader
BDO Canada
Phone: 416-369-3083
Email: rgervais@bdo.ca