If your business is incorporated, then you could be facing a larger tax bill and big compliance costs from the government's new proposals to change the way corporations are taxed.
Here are three things you need to know about the tax changes proposed by the federal government:
Do you employ family members? The government wants to scrutinize their compensation to apply a much higher tax rate on income they consider unreasonable.
Do you invest the profits from your business? The federal government is proposing to tax that income at an effective rate of 70%.
Do you want to pass your business on to your children? Tough new rules make it difficult for younger kids to get the capital gains exemption. They could be double-taxed.