OTTAWA, Dec. 13, 2017 /CNW/ - The CMA is disappointed that the federal government is moving ahead with income sprinkling changes in light of today's report by the Standing Senate Committee on National Finance, which calls for the proposed changes to be withdrawn and a comprehensive review of the overall tax system to be undertaken.
The CMA remains very concerned with the unintended consequences of the tax changes – the most significant in 45 years. Most recently, reports continue to point to a chronic shortage of physician resources to address patient care needs in Canada. A predictable and stable environment is critical to promote thriving medical practices.
The CMA recommended a full exemption for spousal income and dividends for the new income sprinkling rules, recognizing that spouses/partners are integral to the risk and development of a business enterprise, including a medical practice. Additionally, the CMA expressed concerns on the subjectivity of the reasonability criteria and the administrative burden these would impose. The CMA is disappointed that those recommendations were not adopted.
The CMA and its members will continue to work with the Coalition for Small Business Tax Fairness to advance the perspectives of medical and business operators, and to explore options that can achieve our shared objectives of tax fairness.
Dr. Laurent Marcoux
The Canadian Medical Association unites 85,000 physicians on national health and medical matters. Formed in Quebec City in 1867, the CMA's rich history of advocacy led to some of Canada's most important health policy changes. As we look to the future, the CMA will focus on advocating for a healthy population and a vibrant profession.
SOURCE Canadian Medical Association
For further information: CMA Media Relations, [email protected], 613-806-1865