Fellow Self Storage Owners and Operators,
As a follow-up to my email of yesterday, the federal government released more information regarding how they will restrict income sprinkling.
See attached for a summary of the updated proposal.
In essence, the new rules address some of the criticisms and challenges of the July 18, 2017 proposals; however, they still raise significant challenges in planning and compliance. Even though the proposals are less punitive than what was originally planned, they are still complex and continue to be criticized on many fronts. Therefore, consult with your tax advisor to see how you can maximize your ability to split income under the new rules which are still effective in 2018. You have less than three weeks to review your business and family tax planning needs.
Please do not hesitate to contact me with questions.
Iqbal Khan, CPA, CA, MAcc
Chairman of CSSA Tax Committee