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Budget 2018 : Update on Passive Income Rules

Updated: Dec 10, 2019

The Liberal government’s third federal budget promises more help for the middle class,workplace equality, a boost for tomorrow’s economy and a fair tax system.

But, for all those promises, “there’s not a lot there for the average individual, and not a lot of changes from a personal tax perspective,” says Jamie Golombek, managing director for tax and estate planning at CIBC Financial Planning and Advice.

He notes there are also “very few changes in credits.”

As a result, the big ticket item of Budget 2018 is “how the government will deal with passive investment income inside a private corporation,” says Golombek. The news on this front “will be welcomed by private business owners in terms of the proposed change.”

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