SHOULD THE RECENT CHANGES TO THE TAXATION OF PRIVATE COMPANIES AFFECT MY DECISION TO INCORPORATE?
You have been thinking about incorporating for quite some time. You have researched and reviewed the pros and cons and, just when you were ready to take the plunge, the government makes sweeping tax changes affecting corporations. The changes to the taxation of private companies introduced in 2018 have created additional layers of complexity and, at first glance, appear to dissuade incorporation, leaving you with more confusion than clarity. The question on your mind now is: In light of these new rules, does incorporation still make sense?
PROPOSED CHANGES TO OHIP+
On January 2, 2019, the Ontario Ministry of Health and Long Term Care issued a notice providing information regarding proposed changes to Ontario Regulation 201/96 made under the Ontario Drug Benefit Act that would, if approved, come into force at a future date. The government’s purpose for the proposed changes is to fix OHIP+ by focusing benefits on those who need them the most. The proposed changes are scheduled to be implemented in March 2019, however, a specific date has not yet been finalized. The proposed changes are detailed below.