Special Report on Taxation of Passive Income in Private Corporations

By: Evelyn Jacks Posted in: Strategic Thinking, Tax Planning, Financial Literacy, Federal Government, knowledge bureau, financial education, tax reform, small business tax, tax proposals, Liberal government, Morneau, Minister of Finance, passive investment, Parliamentary Budget Office, PBO, corporate investment income, tax consultations, tax courses Evelyn Jacks
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.

CRA Offside with Taxpayers’ Bill of Rights

By: Evelyn Jacks Posted in: Strategic Thinking, CRA, knowledge bureau, Evelyn Jacks, income tax, tax penalties, tax filing, tax courses, financial education, errors and omissions, taxpayer, CRA call centre, Auditor General Report, CRA service standards, tax interest, Tax Payer Bill of Rights, tax return
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.

Year-End Tips for Taxpayers with Severance Packages

By: Evelyn Jacks Posted in: Strategic Thinking, Real Wealth Management, Tax Planning, knowledge bureau, Evelyn Jacks, tax tips, retirement planning, rrsp, tax courses, retirement income, financial education, severance packages, year-end planning, termination payment, eligible allowances, ineligible allowances
Have you or any of your clients received a pink slip or early retirement package? There is some tax planning to consider doing before saying farewell to the world of work.

Has CRA Stepped Up Audit Activities on Average Canadians?

By : Knowledge Bureau Staff Posted in: Strategic Thinking, CRA, knowledge bureau, Evelyn Jacks, Knowledge Bureau poll, poll, november poll
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.

Post-Secondary Education Offers a Brighter Future for Young Adults

By : Knowledge Bureau Staff Posted in: Strategic Thinking, knowledge bureau, statistics canada, Evelyn Jacks, tax courses, financial education, post-secondary education, continuing education, Insights on Canadian Society, employment statistics, education statistics, high school education, employment rate, Diploma programs, entry-level careers, job hunting, employment opportunities, career development
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.

Build a Business, Eliminate Job Dissatisfaction

By : Knowledge Bureau Staff Posted in: Strategic Thinking, knowledge bureau, statistics canada, Evelyn Jacks, Small Business, tax courses, financial education, professional development, entrepreneur, business development, leadership courses, Executive Business Builder Program, work-life balance, job satisfaction, self-employed Canadians, job opportunities, starting a business, building a business, business courses
Attaining work-life balance and overall job satisfaction seems out of reach for a percentage of Canadians, according to Statistics Canada. Embracing new opportunities for personal and professional development is the key to reaching these goals.