By Clark Stork

Finance specialist educates Kelvington crowd

Nov 4, 2017 | 8:50 AM

Proposed tax changes coming from the federal government have many wondering how will small businesses and self employed people will be effected.

On Wednesday in Kelvington, financial planner Kim Stratulat spoke to a crowd outlining the changes and what they could mean for Saskatchewan entrepreneurs and farmers.

Legislation that was drafted by the finance department looks to close loop holes in private corporations. A reduction in income splitting is also drawing ire from the public. Sprinkling as it’s more commonly known is the ability to pay dividends to non-active shareholders or family members.

“Some of the feedback we’ve been getting, there’s apprehension out there by individuals,” Stratulat said. “They’re saying should I even continue down the route of being self employed if it’s going to cost more in tax to transition it more to a family member than a third party.”

“I think some of that has been dealt with in the amendments coming out from the federal government which is good news but certainly some of the other areas are disturbing to them,” Stratulat said.

First meeting

Interest piqued after Melfort Neighbourhood Watch program info meeting

23h ago

Wasted fish

Fish abandoned at Deschambault Lake

Apr 23, 2024

Leadership Needed to Stop Federal Overreach

Apr 23, 2024

The new tax laws do include a small business tax cut from 10.5 percent down to nine percent over the next two years.

The new tax rules are still being discussed in parliament with the details expected in early 2018.

“I am hoping it will work it’s way out, I have to keep a positive outlook on it and hope that’s what happens. I think the federal government has heard loud and clear the past 75 days,” Stratulat said.

As of Dec. 2016 there were over 150,000 small bussinesses in Saskatchewan.

clarkstork@jpbg.ca

On Twitter: @ClarkStork