All About Estates

Morneau Stands Firm on Tax Proposals

Minister of Finance Bill Morneau (“Morneau”) met with small-business owners in British Columbia earlier this week to hear their complaints about and concerns with the tax proposals which were launched on July 18, 2017. With a consultation process of only 75 days, doctors, farmers, small business advocacy groups and various professional associations have been quickly digesting the significant proposed changes and making their views known about the negative impact these measures will have on Canadians.

Morneau stands firm on his tax proposals, as he has yet to hear an argument that might convince him to withdraw his proposed tax overhaul plan. The government has taken the position that certain Canadians are using private corporations to take advantage of tax opportunities that are not available to others.  In an effort to close tax loopholes, the government aims to implement rules that restrict income splitting among family members, holding passive investment income inside a private corporation, and converting dividend income into capital gains.

Morneau is embarking on a cross-country tour to listen to more feedback on the plan. There is less than one month to go until the consultation process is over and the proposed changes very well could be passed.  Speak your piece before October 2, 2017, or forever hold your peace.

About Brittany Sud
Brittany Sud is a member of the Trust, Wills, Estates and Charities Group at Fasken, Toronto office. Brittany is developing a broad estates and trusts practice with a focus on planning and administration matters. As part of her practice, Brittany assists high net worth clients, entrepreneurs and professionals with Wills, powers of attorney, domestic contracts and trusts. She has experience developing and implementing cohesive estate plans that reflect the financial objectives and short and long-term goals of clients, including advising on probate planning, family business succession planning, asset protection strategies and disability planning. Brittany’s estate administration practice includes preparing applications for probate and administering the Canadian estates of non-residents. Outside of the office, Brittany enjoys playing softball and tennis, travelling and cooking. She is a dedicated volunteer of the United Jewish Appeal, Jewish National Fund, One Family Fund and Baycrest Foundation. Community Involvement • Host, Baycrest Foundation - Game Night for Baycrest, 2015 • Chair, Pitch for Israel Softball Tournament, 2014-2016 • Vice-Chair, United Jewish Appeal Young Lawyers Leadership Campaign Canvassing Team, 2016 Memberships and Affiliations • Member, Canadian Bar Association • Member, Ontario Bar Association - Trusts and Estates Law Section • Member, Ontario Bar Association - Young Lawyers’ Division • Student Member, Society of Trusts and Estates Practitioners (STEP) Canada


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