Rotary Rays
Date: March 5, 2018
Presiding: President Lisa
Location: Quality Inn
Writer: Rick Shaheen
Announcements:
- Thanks to Joe Odumodu who has agreed to have his pharmacy sponsor the Dragon Boats for another 3 years
- Sign up for Music Festival
50/50: winner Rosemary George – Jack of Spades
Birthdays: Dave Harris Birthday March 19
Rosemary George Anniversary March 10 – 35 years
Bruce Cunningham birthday March 4
Happy Bucks: Lynn Beath – 2 weeks in Mexico , Rick Shaheen – skiing in Whistler Ted Beynen – Cruise and witnessed devastation in St Martin, Ron Fraser – just happy, Frances Stevens – finished PETs training – new theme: “Be the Inspiration”
Program introduced and thanked by Rick Shaheen
Speaker: Jane Monteith tax adviser on the new Federal Budget
- Historically between 2015-17 the government introduced changes on how dividends can pass between related parties and maximum personal tax rate up to 53.3%.
- In 2017 government announced it would review private corporations and transactions between related parties. By Oct 2017, the government stepped back on many proposals, leaving the plan to tax passive income and reduce eventually the small business tax rate to 10% from the current 14.5%
- With new Budget: starting Jan 2018 income splitting rules state income and benefit cannot be “sprinkled” between family members unless a reasonable contribution is shown. Starting 2019, for every dollar over $50,000 of passive income in a corporation, the shareholder will lose the small business tax rates