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Addressing Unfair Tax Changes, Morneau Makes a Second Attempt at Tax Reform

By: Evelyn Jacks Posted in: Strategic Thinking, Current Issue, knowledge bureau, Evelyn Jacks, Small Business, Canadian economy, finance minister, income splitting, tax education, financial education, tax reform, entrepreneur, CE summits, Liberal government, Morneau, income sprinkling, unfair tax changes, Distinguished Advisor Workshops, Trudeau, reasonableness test, private corporation taxation, family businesses, small business tax rate
The Finance Department backtracked on a few of their controversial tax reforms for private corporations this week, adding a tax cut of $2.9 Billion over the next five years to douse the flames of discontent. However, family businesses will continue to face tax risk and uncertainty due to a “reasonableness” test – albeit a simplified one – that will limit income sprinkling to contributors of labor, risk or capital in the business.

It’s Official:  Government Is Moving Ahead with Tax on Passive Income

By: Evelyn Jacks Posted in: Strategic Thinking, Current Issue, knowledge bureau, Evelyn Jacks, Small Business, Canadian economy, finance minister, income splitting, tax education, financial education, tax reform, entrepreneur, CE summits, Liberal government, Morneau, income sprinkling, unfair tax changes, Distinguished Advisor Workshops, Trudeau, reasonableness test, private corporation taxation, family businesses, small business tax rate
Finance Minister Morneau today announced that his department will move forward with their goal to tax passive investment income earned within private corporations.  What’s becomes apparent from the minimal details released, is that not much has changed in the government’s intentions, since the measures were first floated on July 18, 2017.

Small Business Capital Gains Deduction Part II: Multiplying the Deduction

By: Walter Harder Posted in: Strategic Thinking, Current Issue, CRA, dividends, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, Small Business, tax education, financial education, entrepreneur, income sprinkling, Capital Gains Deduction, distributing small business income, capital gains deductions
By issuing shares in a small business to family members, it is possible to multiply the capital gains deduction available to the family. A similar strategy allows for the multiplication of the deduction for family farms or fishing operations.

Life Purpose – Overcoming Obstacles

By : Knowledge Bureau Staff Posted in: Strategic Thinking, Current Issue, Motivation, knowledge bureau, Evelyn Jacks, financial education, quotes, life purpose, inspiration, Tony La Russa
“Just because you’re down to your last strike, you’re not out yet. You can always do more. You’ll always have more at-bats to take. That’s true in baseball, in rescuing animals, and in life, generally.” - Tony La Russa

T2 Tax Course for Small Business Features Updates on Morneau’s Tax Changes

By : Knowledge Bureau Staff Posted in: Strategic Thinking, Current Issue
On July 18, 2017, Finance Minister Bill Morneau released a series of tax proposals which, if enacted, will have severe repercussions on Canadian private family businesses and their shareholders. Tax and financial advisors need to be aware of these proposed changes and understand what impact they will have on their clients before year end. Knowledge Bureau is pleased to announce it has published a newly revised online certificate course in T2 tax preparation and planning to help advisors get up to speed on the impact of these tax reforms.

Advisors Addressing Impact of Rising Interest Rates on Canadian Families

By : Knowledge Bureau Staff Posted in: Strategic Thinking, Current Issue, Debt Management, Financial Advisor, knowledge bureau, interest rates, Evelyn Jacks, mortgage, tax courses, Canadian economy, wealth management, tax education, tax professionals, CE summits, consumer debt, credit card debt, debt in Canada, debt management courses
The average Canadian with debt could have to pay an additional $130 per month for debt repayment, as interest rates are anticipated to rise over the next year. Advisors can help clients adjust to these changes – but what is the best strategy?