Toronto, July 21, 2017 –
This week, the federal finance minister launched a 75-day public consultation with Canadians on tax planning using private corporations, an issue identified in the 2017 federal budget. Specifically, government is seeking input on its proposals related to three key issues: sprinkling income using private corporations, holding a passive investment portfolio inside a private corporation, and converting a private corporation’s regular income into capital gains.
As a large number of physicians are incorporated, the Ontario Medical Association (OMA) has advocated strongly against these federal proposals, and will continue to do so.
These proposed changes create a great deal of insecurity for doctors in all stages of their careers, especially for those who operate their practices as small businesses that are community based. As crucial contributors to their local economy, this level of uncertainty makes it difficult for doctors to plan for their clinics, staff and equipment; and ultimately, provide dedicated services to their patients.
Ontario’s doctors seek fairness, and to maintain the ability to invest in their small business that provide valuable service to their community. Ultimately, this allows physicians to provide exceptional patient care.
In this time of uncertainty, the OMA, in co-operation with the Canadian Medical Association (CMA) will continue to advocate in the best interests of its members and their patients.
Dr. Shawn Whatley
President, Ontario Medical Association
Senior Lead, Media Relations, Ontario Medical Association (OMA)Office:
416-599-2580 ext. 3008 Mobile: 416-454-9700Email: email@example.com