Finance Minister Bill Morneau provided numerous updates to the proposed changes to the taxation of private corporations and their shareholders, which were first introduced back in July as part of a consultation paper and draft tax legislation. In this edition of Monthly Perspectives, we update you on these changes.

1. Professionals Inc.
Tax changes for private corporations
November 2017Monthly Perspectives // Portfolio Advice & Investment Research
This document is for distribution to Canadian clients only.
Please refer to the last page of this report for important information.
In this issue
New draft of proposed changes����������������������������������2
Tax planning for bright business owners���������������������4
Market review����������������������������������������������������������������7

2. Professionals Inc. // 2
New draft of proposed changes
Throughout the week of October 15, 2017, Finance
Minister Bill Morneau provided numerous updates to the
proposedchangestothetaxationofprivatecorporations
and their shareholders which were first introduced
back in July as part of a consultation paper and draft
tax legislation. The new developments followed the
government's public consultation period which ended
on October 2nd, which generated considerable analysis
and commentary from experts, associations and the
broader public.
As a review, the measures introduced in July included
proposed reforms which would restrict a private
business owner's ability to sprinkle income amongst
family members, eliminate incentives to hold passive
investments within a private corporation, and prevent
the conversion of income into capital gains.
Splitting income with family members
On October 16, 2017, the government indicated its
intention to move forward with the proposal to extend
the Tax on Split Income (TOSI) rules to a Canadian
resident adult who receives split income, beginning in
2018. However, the government also indicated that it
would be making some changes to the initial proposal
to help reduce the potential compliance burden
associated with the measure and to ensure that the
rules will not impact businesses where family members
make meaningful contributions.
To determine whether a family member's contribution to
a particular business is reasonable, the following would
need to be considered:
• Labour contributions;
• Capital or equity contributions to the business;
• Financial risks of the business, such as co-signing a
loan or other debt; and/or
• Past contributions in respect to previous labour,
capital or risks.
The government indicated that it intends to release
revised draft legislation associated with this measure
before the end of 2017.
Multiplying the Lifetime Capital Gains Exemption
In the proposed measures announced in July, the
government proposed changes to restrict common
planning strategies that multiply the Lifetime Capital
Gains Exemption (LCGE), through a family trust or
otherwise, by having shares held by family members.
The LCGE is available to Canadian resident individuals
and entitles them to an exemption of $835,716 (in
2017, indexed annually) of capital gains on certain
small business shares as well as qualified farm and
fishing properties. Following its public consultation,
the government has since changed their position
on the multiplication of the LCGE. On October 16,
2017, the government acknowledged that its original
draft proposal released in July may have unintended
consequences for small business owners including
farmers and fishers and that it would not be moving
forward with the measures. As a result, estate freeze
transactions and other tax planning strategies that
may benefit from the use of the LCGE appear to remain
available.
Wealth Advisory Services, TD Wealth

3. Professionals Inc. // 3
Earning passive income in a private corporation
On October 18, 2017, the government announced that
it will move forward with the introduction of legislation
aimed at limiting the tax deferral opportunities related
to passive investments held by private corporations.
However, the measures appear to be narrower in scope
than originally presented in the July consultation paper.
While draft legislation is not expected to be released
until 2018 as part of the 2018 federal budget, the
government has announced it would introduce a
passive income threshold of $50,000 per year for future,
go-forward investments. Investment income below this
threshold would presumably not be subject to a tax
increase.
Consistent with its original comments, the government
indicated that the measures would not impact
investments already made by private corporation
owners, including the future income earned from such
investments.
While business owners may require additional support to
track separate investment pools inside their corporation,
it appears they would continue to have flexibility to hold
savings inside their corporations for various purposes
including personal benefits such as sick leave, parental
leave, or retirement subject to new limits.
Converting income into capital gains
On October 19, 2017, the government announced that it
would not be moving forward with measures relating to
the conversion of income into capital gains, recognizing
that the proposals may hinder genuine intergenerational
share transfers involving family members.
Reduction in the small business tax rate
On October 24, 2017, the government released draft
legislation that would lower the small business tax rate
to 10%, effective January 1, 2018, and to 9%, effective
for 2019 and later years. To align with these changes,
the gross-up rate for non-eligible dividends would be
reduced from 17% to 16% in 2018, and 15% thereafter,
with the federal non-eligible dividend tax credit revised
to 8/11ths of the gross-up for 2018 and to 9/13ths of the
gross-up for 2019 and later years.
In light of these new developments, consultation with
your tax and legal advisors is important to determine
the impact of the proposals on your overall tax and
estate planning strategy.
Proposed small business tax rates
10% in 2018
9% in 2019

4. Professionals Inc. // 4
If you make your daily bread in the business world as a
self-employed person or corporate business owner, you
have many opportunities to consider when it comes to
tax planning. However, the tax rules which apply to you
are certainly more complex than those which apply to an
employee.
Self-employed individuals
You can be in business without having an incorporated
company. And you can take advantage of tax planning
strategies to lower your tax bill, and help improve your
bottom line.
One of the key issues involves how your business expenses
are treated. Some expenses must be written off over a
period of years, and consequently lower your tax over that
period.
This is particularly true for capital expenses such as
buildings, furniture, computers, etc. You can claim
depreciation of these assets, known as capital cost
allowance (CCA) for tax purposes at rates provided by tax
law. Generally, you group similar assets in a pool or class,
and CCA can be claimed against each asset class. Various
rates apply for varying type or class of assets.
Typically, the maximum CCA you can claim in the first year
of owning an asset is one-half of the amount otherwise
Tax planning for bright business owners
Wealth Planning, TD Wealth
allowable. In order to claim a deduction for CCA the assets
must also be available for use in your business and not
simply purchased to sit on your books and used to claim
CCA.
You can choose to claim less CCA than you are entitled to.
For example, if you have other non-capital losses available
to be applied, you may wish to claim less CCA to utilize
these non-capital losses first.
Travel expenses are a common deduction for many
businesses. You can generally claim any reasonable
expense related to travel for business. The Canada Revenue
Agency (CRA) requires strict record-keeping to facilitate
this write-off. You cannot claim for travel from your home
to your principal place of business.
Meals and entertainment costs incurred in the course of
doing business may be deductible. The amount which
may be deducted is limited to 50% of the actual expense
incurred. This limitation recognizes the personal benefit
realized by the taxpayer in respect of the meals and
entertainment while also facilitating meetings with clients
with the expectation of creating business opportunities for
them. As with travel expenses, expect the CRA to be vigilant
in reviewing these claims should you be audited. It's good
practice to write the attendees and business purpose of
the claim on the back of the receipt for future reference.

5. Professionals Inc. // 5
You can claim business losses as long as the loss is
connected to a legitimate business activity — in pursuit of
profit, rather than a hobby. Business losses which are non-
capital losses must first be applied in the year they are
incurred. These losses can be carried back three years or
carried forward for up to 20 years.
You may have set up a home office to conduct business.
As a general rule, the amount of expense you can claim
is equal to the ratio of space your office takes up in your
home. You can apply this ratio to write off a variety of
related home office expenses: rent, mortgage, property
tax, utilities, and home insurance. Again, proper receipts
should be kept. Keep in mind, you can make this claim only
against your business income. Further, your home office
should be your principal place of business. Please note that
the proportion you use as an office will be deducted from a
claim that you make for the principal residence exemption.
These claims as well as others should be discussed with
your tax specialist before being taken.
Corporate business owners
If you own a corporation, it is a separate legal entity from
you personally. Even if you are the only shareholder, you are
limited in the way funds can be taken from the corporation,
and have to follow specific rules related to the taxation of
a corporation.
The federal corporate tax rate is 15% for active business
income. For Canadian-controlled private corporations
(CCPC) the rate is 10.5%, in 2017, on the first $500,000
of active business income. (Finance has announced this
tax rate will be reduced to 10% effective January 1, 2018
and 9% effective January 1, 2019). The small business rate
begins to be phased out once the corporation's capital
exceeds $10 million. Meanwhile, many provinces have also
reduced rates for small businesses with potential tax rates
generally ranging between 2% and 8%.
Extracting funds from your corporation
There are several ways to take money out of your
corporation. Perhaps you loaned money to the corporation
to get it started. The corporation can repay you without tax
consequences — to you or the corporation. This assumes
the corporation has the cash flow to pay you back. If not, it
may have to sell off investments, in which case there would
be tax on any capital gains realized.
Another method of receiving money from your corporation
is to have the corporation pay out dividends. Such
dividends would be taxable to you. The total tax paid by
the corporation and you on receipt of dividends should,
theoretically, be equal to the total tax you would have
paid if you had earned the income directly outside of
the company. To apply this theoretical integration you
would include a gross up for any dividends you received
in calculating your taxable income and then an offsetting
dividend tax credit (both federally and provincially) is
available to be claimed against your tax otherwise payable.
Private corporations have a notional account called
the capital dividend account (CDA). The CDA allows for
amounts which would otherwise be received tax-free if
received directly by you to maintain their tax-free status
when distributed to you from the corporation in the form
of a capital dividend. Among the most common amounts
included in the capital dividend account would be capital
gains. Where the corporation realizes capital gains, only
50% of the gains are taxed (similar to individual capital
gains rules). The untaxed portion of the gain is added to
this notional CDA account. Similarly, capital losses incurred
by the corporation will decrease the CDA account by 50%
of the loss. If there is a positive balance in the CDA a tax-
free capital dividend can be distributed to all shareholders.
The corporation could pay you a salary. Similar to working
for an employer, the salary is deductible to the corporation
and taxable to you as an individual. A significant salary
is allowable by the CRA as compensation for your owner-
manager effort. Some key benefit of the corporation paying
you a salary are that it creates RRSP contribution room
for you; will enable you to claim the Canada employment
credit; and requires you to make CPP contributions, which
in turn will facilitate your receipt of CPP. Of course, your
corporation would be required to make matching CPP
contributions on your behalf.

6. Professionals Inc. // 6
Determining the optimal mix of salary and dividends that is
right for you involves complex calculations. An assessment
of several factors is required. Here are some examples:
• What are the corporation's cash flow needs?
• What do you need in retirement income? Canada
Pension Plan benefits?
• The needs of any other shareholders
• Other sources of personal income
It's advisable for you to speak with your TD advisor and tax
specialist to aim for the balance that meets your and your
company's financial goals.
Deciding how to extract funds from your corporation and
minimize your corporate and personal income tax bills is
a complex task. You should consider speaking with legal,
accounting and tax advisors to learn what strategies will
be effective, and how you should put them into practice.
Private corporations
Private corporations may allow you to income-split with
your family. If you are able to split income with your family,
one strategy is to make your spouse/common-law partner
and children shareholders of your corporation. You could
then pay dividends that may be taxed at a lower rate
than if you earned the income directly. This ability to pay
dividends to family members is often referred to as “income
sprinkling”.
The income paid to your spouse/partner and adult children
must be reasonable. Though, it should be noted this type
of income splitting is under scrutiny by the Department of
Finance.
The Department of Finance intends to introduce
reasonableness tests for adult children between 18 and 24
years of age, as well as those 25 and over. In short, any
salary paid to them must be commensurate with the value
of the labour they provide for the company.
Moreover, Finance has set out that any adult children
receiving income from the corporation must be active in
one or more of the following ways:
• Labour contribution
• Capital or equity contributions to the business
• Taken/taking on financial risks of the business, such as
co-signing a loan or other debt
• Past contributions in respect to previous labour, capital
or risks
These corporations are also being scrutinized for the
amount of passive income kept within them, and can act as
a tax deferral vehicle. For many private corporation owners,
this can be an alternate way of saving for retirement.
However, the Department of Finance states that a private
corporation should not give any advantage to someone
who is self-employed over an employed person. Therefore,
the tax treatment rules for passive private corporation
income are now under review.
Consider:
Have you been claiming allowable business expenses
on your tax return? Are you keeping proper records of
your business expenses to back up your claims? Are you
ensuring that your capital costs are being claimed for
properly? Do you have a home office? Have you considered
incorporating your business? Would incorporating
provided added business and tax benefits? Speak to your
TD advisor, legal and tax specialist when reviewing any of
these strategies as part of your goal-based planning.

7. Professionals Inc. // 7
(%) (%) (%) (%) (%) (%) (%) (%) (%)
Canadian Indices ($CA) Return Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
SP/TSX Composite (TR) 53,114 2.73 6.58 7.30 11.48 6.22 8.41 7.61 3.95 6.85
SP/TSX Composite (PR) 16,026 2.50 5.82 4.83 8.37 3.12 5.22 4.18 0.92 4.35
SP/TSX 60 (TR) 2,539 3.03 7.07 7.79 12.26 6.84 9.12 8.26 4.07 7.25
SP/TSX SmallCap (TR) 1,005 1.67 4.09 -0.21 5.70 6.04 4.37 3.09 1.25 -
U.S. Indices ($US) Return Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
SP 500 (TR) 5,002 2.33 4.76 16.91 23.63 10.77 15.18 15.09 7.51 7.31
SP 500 (PR) 2,575 2.22 4.25 15.03 21.12 8.47 12.77 11.89 5.21 5.31
Dow Jones Industrial (PR) 23,377 4.34 6.79 18.29 28.85 10.36 12.29 10.03 5.31 5.89
NASDAQ Composite (PR) 6,728 3.57 5.98 24.98 29.65 13.26 17.71 15.82 8.93 7.47
Russell 2000 (TR) 7,372 0.85 5.78 11.89 27.85 10.12 14.49 14.06 7.63 7.82
U.S. Indices ($CA) Return Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
SP 500 (TR) 6,449 5.72 8.20 12.26 18.93 15.84 21.20 20.34 10.85 6.83
SP 500 (PR) 3,320 5.61 7.66 10.46 16.52 13.42 18.66 17.76 8.48 4.85
Dow Jones Industrial (PR) 30,141 7.80 10.29 13.59 23.95 15.41 18.15 16.40 8.58 5.42
NASDAQ Composite (PR) 8,674 7.00 9.45 20.01 24.72 18.44 23.86 22.53 12.31 6.99
Russell 2000 (TR) 9,505 4.19 9.25 7.44 22.99 15.16 20.47 19.26 10.97 7.34
MSCI Indices ($US) Total Return Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
World 8,170 1.92 4.44 18.76 23.46 8.75 12.19 11.45 4.69 6.51
EAFE (Europe, Australasia, Far East) 7,920 1.53 4.07 22.31 24.01 6.58 9.01 8.44 1.58 5.53
EM (Emerging Markets) 2,428 3.51 5.46 32.64 26.91 6.08 5.21 4.32 0.93 7.82
MSCI Indices ($CA) Total Return Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
World 10,533 5.29 7.86 14.04 18.76 13.72 18.05 16.53 7.94 6.04
EAFE (Europe, Australasia, Far East) 10,212 4.89 7.48 17.45 19.29 11.45 14.71 13.38 4.73 5.06
EM (Emerging Markets) 3,131 6.94 8.92 27.37 22.08 10.93 10.70 9.07 4.06 7.34
Currency Level 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
Canadian Dollar ($US/$CA) 77.56 -3.21 -3.17 4.14 3.95 -4.37 -4.96 - -3.01 0.45
Regional Indices (Native Currency)
Price Return
Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs 20 Yrs
London FTSE 100 (UK) 7,493 1.63 1.64 4.90 7.75 4.60 5.32 4.77 1.09 0.02
Hang Seng (Hong Kong) 28,246 2.51 3.37 28.39 23.16 5.58 5.47 5.90 -1.04 5.01
Nikkei 225 (Japan) 22,012 8.13 10.47 15.16 26.32 10.28 19.78 15.92 2.78 1.46
Benchmark Bond Yields 3 Month 5 Yr 10 Yr 30 Yr
Government of Canada Yields 0.87 1.66 1.96 2.28
U.S. Treasury Yields 1.17 2.01 2.35 2.82
Canadian Bond Indices ($CA) Total Return Index 1 Month 3 Months YTD 1 Yr 3 Yrs 5 Yrs
Since
1/1/2012
10 Yrs
FTSE TMX Canada Universe Bond Index 1032.98 1.64 1.71 2.13 -0.47 3.15 3.03 3.13 4.84
FTSE TMX Canadian Short Term Bond Index (1-5 Yrs) 699.24 0.61 0.57 0.40 -0.13 1.55 1.81 1.85 3.33
FTSE TMX Canadian Mid Term Bond Index (5-10 Yrs) 1122.92 1.40 1.45 1.24 -1.23 3.25 3.29 3.53 5.54
FTSE TMX Long Term Bond Index (10+ Yrs) 1673.34 3.33 3.58 5.12 -0.52 5.26 4.46 4.55 6.81
Sources: TD Securities Inc., Bloomberg Finance L.P. TR: total return, PR: price return. As at October 31, 2017.
Market review

8. Professionals Inc. // 8
Important information
Percentage of subject companies under
each rating category—BUY (covering
Action List BUY, BUY and Spec. BUY
ratings), HOLD and REDUCE (covering
TENDER and REDUCE ratings).
As at November 1, 2017.
Distribution of Research Ratings
Percentage of subject companies
within each of the three categories
(BUY, HOLD and REDUCE) for which
TD Securities Inc. has provided
investment banking services within the
last 12 months.
As at November 1, 2017.
Investment Services Provided
0%
10%
20%
30%
40%
50%
60%
70%
80%
BUY HOLD
REDUCE
1.8%
BUY
59.1%
HOLD
39.0%
67.73%
34.38%
0%
10%
20%
30%
40%
50%
60%
70%
80%
BUY HOLD REDUCE
REDUCE
1.8%
BUY
59.1%
HOLD
39.0%
67.73%
34.38%
0.89%
This report is for informational purposes only and is not an offer or solicitation with respect to
the purchase or sale of any investment fund, security or other product. Particular investment,
trading, or tax strategies should be evaluated relative to each individual’s objectives. [Graphs
and charts are used for illustrative purposes only and do not reflect future values or future
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advice. Please consult your own legal, investment and/or tax advisor.
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Research Ratings
Action List BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-
adjusted basis, over the next 12 months and it is a top pick in the Analyst’s sector.
BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted
basis, over the next 12 months. SPECULATIVE BUY: The stock’s total return is expected to
exceed 30% over the next 12 months; however, there is material event risk associated with
the investment that could result in significant loss. HOLD: The stock’s total return is expected
to be between 0% and 15%, on a risk-adjusted basis, over the next 12 months. TENDER:
Investors are advised to tender their shares to a specific offer for the company’s securities.
REDUCE: The stock’s total return is expected to be negative over the next 12 months.
Overall Risk Rating in order of increasing risk: Low (7.8% of coverage universe), Medium
(38.7%), High (44.7%), Speculative (8.8%)
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