Canada: Year-end tax considerations for company owners, managers
Important tax issues company owners and managers may want to consider in assessing their 2023 tax situation
Important tax issues company owners and managers may want to consider
For the owner or manager of a company, the end of the year marks a good time to take stock of the tax situation. A thorough review can help confirm that owner-managers are receiving distributions from their companies in a tax-efficient manner, and that companies are meeting their small business tax obligations.
It’s important for owner-managers to revisit their business succession plan considering more restrictive proposed intergenerational business transfer rules and new proposed employee ownership trust (EOT) rules expected to take effect in 2024.
Read a November 2023 report [PDF 287 KB] prepared by the KPMG member firm in Canada that outlines important tax issues company owners and managers may want to consider in assessing their 2023 tax situation.
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