Morneau Shapell looks to be a winner in the Liberal attack on private corporation

Sep 22nd, 2017 – Comment

I want to thank Sheree Dooley for bringing this to my attention – please read – share – circulate – it is in your interest to know who is leaning on your assets.     found this comment on a Globe and Mail article so i copied and am pasting. I am not sure whether […]


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I want to thank Sheree Dooley for bringing this to my attention – please read – share – circulate – it is in your interest to know who is leaning on your assets.

 

 

found this comment on a Globe and Mail article so i copied and am pasting. I am not sure whether you already are aware of this but it might be worth a read. Liberal shenanigans are never ending.
It’s becoming clear that some very wealthy Canadian shareholders tied to Finance Minister Bill Morneau are positioned to benefit handsomely from the proposed federal tax changes for incorporated small businesses and professionals. As Canadians, we should be paying very close attention.
Just yesterday my husband and I learned about pension-type savings options for small business owners called Retirement Compensation Arrangements (RCAs) and Individual Pension Plans (IPPs, geared more towards business owners in their 50s).
These retirement savings plans/products were suggested to us as potential next steps if the proposed federal tax legislation affecting small business goes through. (For context, given our incorporated structure, if the legislation is passed, any income we draw when we retire will have been taxed at a rate of 73%. Clearly, this doesn’t seem like a fair deal for a lifetime’s worth of work, so we—like every other incorporated small business owner out there—are working hard to understand what our options are.)
Today, from an All Nova Scotia article (Sept 19), we learned that the largest provider of these pension plans in Canada is none other than Morneau Shepell.
That’s right, Morneau Shepell—the multinational benefits/pensions consulting firm founded by Federal Finance Minister Bill Morneau’s dad, William Frank Morneau, Sr. in 1966, with annual revenue in 2016 totalling $592 million Cdn. It’s the largest benefits and pension firm in Canada.
Today, William Frank Morneau is listed as honourary chair and founder of Morneau Shepell on the company’s website. And Bill Morneau, according to the All Nova Scotia article, “…controls over 2.2 million Morneau Shepell shares worth over $47 million based on the closing stock price on Monday.”
If the federal government brings in their proposed tax changes, led by Justin Trudeau and Finance Minister Bill Morneau, incorporated small businesses across Canada will be forced to close their holdings companies and opt instead for other retirement savings strategies… like the private pension plans offered by Morneau Shepell.
So who really stands to benefit from the legislation that’s being positioned as changes to make the tax system fairer?
That’s right: Bill Morneau, major shareholder in Canada’s largest pension corporation. Bill Morneau, Canada’s Federal Finance Minister. Bill Morneau, the guy who keeps saying he’s closing “loopholes” and “fancy accounting schemes” that give wealthy Canadians unfair advantages over the middle class (…you know, those greedy farmers and doctors and local business owners and such).
While doctors are making calls to healthcare organizations offering jobs south of the border, and small business owners nearing retirement are looking at having to work for several more years, and family farms and businesses passed on through generations face being penalized for passing them down to their kids (and rewarded for selling them to anyone other than their kids), and young couples who’ve put everything on the line to start their dream business come to terms with the fact that the rug has been pulled out from under them, Morneau Shepell directors and shareholders must be rubbing their hands together in eager anticipation of the windfall to come their way.
If there’s a “fancy accounting scheme” that deserves the government’s full attention right now, including a thorough Conflict of Interest investigation, I think it’s staring them right in the face. Copy and share

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