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The tax take is much more significant than first thought. The Parliamentary Budget Officer (PBO) released a report on November 23, 2017, that suggests the revenue increase from proposed new taxes on passive income earned in a small business corporation will be as high as $6 Billion dollars annually by the time the full effects of the changes are implemented. This is much more than the initial $250 Million figure first suggested by the Department of Finance, and still only a best guess.
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An Auditor General report released last week indicates that the CRA is blocking calls and providing Canadians with inaccurate information, leaving many at risk of severe and expensive consequences in filing their tax returns. This is especially troublesome as Canadian taxpayers bear the burden of proof to justify the entries they submit on their tax returns.
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Knowledge Bureau’s November Poll asks you to weigh in on the level of audit activity being experienced across Canada, amidst reports of delays and other service-related problems at CRA, like those experienced by single mom, Marcia Peel, who is still waiting for her Canada Child Benefit after 6 months and $700 in legal fees.
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Sadly, the gap between the least and most educated in our society is growing. In 2016 young males without a high school diploma had an employment rate of 67 percent compared with 89 percent for a university-educated man; the employment rate for women with less than a high school diploma was 41 percent versus 84 percent for those with a university degree.
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