October 18, 2017

Liberals Hit the Reset Button for new passive income rules, draft legislation opens the door for more positive changes, says CATA

Ottawa, ON…CATA
Alliance, Canada’s One Voice for innovation lobby group, gave  a thumbs up to the beginning of the positive changes by the federal government to proposed passive income rules.

The revised proposal, announced today by Finance Minister Bill Morneau allows a threshold of $50,000 of passive income investment annually to be sheltered. This provision will be grandfathered, thus protecting accumulated passive investments, including any growth of that investment.

CATA CEO, John Reid said, “  Passive income does have a key role to play for business owners who need to save for investments, retirement or sick leave. It serves as an important buffer and safeguard for riding out difficult times.

He added, “ Draft tax legislation will be introduced in early 2018, allowing our community to fully understand how this change will be implemented, and we are prepared to offer constructive guidance in a much improved consultation environment.”

CATA appeared before the Standing Senate Committee on National Finance yesterday to outline concerns expressed by Canada’s innovation community.

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The Canadian Advanced Technology Alliance (CATAAlliance) is Canada’s One Voice for Innovation Lobby Group, and is crowdsourcing ideas and guidance from thousands of opt in members in moderated social networks in Canada and key global markets. (No Tech Firm Left Behind)

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Contact: CATAAlliance at info@cata.ca, tel: 613-699-8209, website: www.cata.ca, tags: Innovation. Leadership, Entrepreneurship, Advocacy