Revised Income Splitting Rules and Guidance
The Department of Finance has released revised draft legislation and background information on its proposals to prevent income splitting. The documents can be accessed here. This release follows on the Department’s private corporation consultation paper of July 18, 2017, which we summarized here.
The Canada Revenue Agency has also released guidance on the application of the draft legislation. The guidance can be accessed here.
The draft legislation is proposed to apply beginning January 1, 2018.