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If your doctor or lawyer seemed a bit grumpy during your most recent visit, it may have something to do with looming potential tax changes for incorporated professionals and business owners who run their practice or business through a Canadian-Controlled Private Corporation or CCPC.

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On Monday afternoon, Finance Minister Bill Morneau formally asked the wealthiest one per cent of Canadians “to contribute a little more” by tabling a Notice of Ways and Means Motion in the House of Commons that will have Canada’s highest income earners paying four per cent more federal tax on taxable incomes above $200,000 starting Jan. 1, 2016 “to help pay for (the) middle class tax cut.”

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In their election platform, the Liberals stated that as the small business tax rate for CCPCs will drop to nine per cent from 11 per cent over the next few years, and that the government “will ensure that … CCPC status is not used to reduce personal income tax obligations for high-income earners rather than supporting small businesses.” The platform document quotes University of Ottawa professor Michael Wolfson’s recent research, which estimates that “approximately $500 million per year is lost, particularly as high-income individuals use CCPC status as an income splitting tool.”