On July 17th, Canada’s Finance Minister, Bill Morneau, issued a package of tax proposals with the intention of closing “loopholes” being used by the wealthiest Canadians. Such loopholes are believed to allow private corporations to be advantaged over other working Canadians. His proposal contains three notable changes: StartFragment Income splitting: the allocation of income to family members in a lower marginal tax bracket, must now be subject to a “reasonableness” test base