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On today’s episode, Darren and Christina are breaking down the tax changes over the last 9 years in Canada that not only affect small business owners, but also ALL Canadians. Some of the changes made under Trudeau’s Liberal government include slashing the advantage of business owners paying themselves in dividends, changes to the lifetime capital gains deduction, as well as the expansion of the tax on split income. Tune in now, you do not want to miss this one!

Show notes:

00:00 - Introduction

1:15 - The plight of the small business owner in Canada

4:05 - Why aren’t there as many small business owners in Canada anymore?

5:00 - Increased dividend tax rate in 2016

6:00 - Lifetime capital gains deduction in 2017

7:00 - Expansion of tax on split income in 2018

9:00 - Changes to passive investment income rules in 2019

10:45 - The carbon tax in 2019

12:10 - Employee stock option change in 2021

13:25 - Changes to general anti avoidance rule

14:35 - Capital gains tax changes in 2024

16:30 - Small business deduction hasn’t changed since 2015

18:00 - The importance of tax strategy and planning

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