TORONTO, Oct. 18, 2017 /CNW/ - Mortgage Professionals Canada is pleased that the Liberal government is listening to concerns raised by its members regarding the proposed changes to the manner in which passive investments are taxed for small businesses. Through its recent submission to government and ongoing dialogue with the Minister, the association made specific recommendations to allow for some passive investments to be allocated under the existing rules which have been clearly heard by the Minister.
"Minister Morneau and Prime Minister Trudeau told us today that they heard our concerns and are adjusting their proposals to ensure our members are not unduly impacted," said Paul Taylor, President and CEO of Mortgage Professionals Canada.
On Monday, the government announced it would be lowering the small business tax rate, clarifying the rules around income sprinkling and cancelling the proposed change on capital gains exemptions. Mortgage Professionals Canada will be continuing to work constructively with the government through the implementation of these policies.
Mortgage Professionals Canada is the national voice of the mortgage industry, an association whose members include mortgage brokers, mortgage lenders, mortgage insurers and industry service providers. The association represents over 11,500 individual members and over 1,000 businesses across Canada.
SOURCE Mortgage Professionals Canada
For further information: Paul Taylor, President and CEO, Mortgage Professionals Canada, O: 416-644-5465, C: 905-334-1165, ptaylor@MortgageProsCan.ca