The Canadian Federation of Independent Business (CFIB) is asking provincial finance ministers to join it in asking the federal government to delay new income sprinkling rules, which are set to go into effect on Jan. 1, 2018.
"One of the largest tax changes for small business owners in 40 years goes into effect in three weeks and the federal government has provided zero detail or implementation advice to business owners or tax professionals," said Dan Kelly, CFIB president.
Requesting one year delay
The CFIB is calling on all provinces to urge the federal government to delay the implementation of any changes to income sprinkling rules to January 1, 2019.
The CFIB says it remains concerned that the new rules on income sprinkling won't take into account many of the formal and informal ways family members participate in the business, particularly the role of spouses.