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All items tagged with: tax reform

Fall Economic Statement: Low Earners Benefit from Strong Economy

Posted: October 24, 2017 By: Walter Harder
Posted in: Strategic Thinking , taxation, knowledge bureau, Evelyn Jacks, Small Business, tax courses, tax changes, financial education, tax reform, entrepreneur, Liberal government, Fall Economic Statement, Finance Department, Canada Child Benefit, Working Income Tax Benefit, 2018 Federal Budget, Moreneau

On October 24, 2017, Finance Canada issued the Fall Economic Statement, which forecasts better-than-expected economic growth, at least in the shorter term.  The resulting increase in tax revenues have blessed the department with new funds for spending priorities; notably to help families with children and the working poor.

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

Posted: October 17, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , 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

Posted: October 17, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , 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.

It’s Over 50% - Top 3% Pay More Than Their Fair Share

Posted: October 10, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , CRA, Financial Advisor, knowledge bureau, Evelyn Jacks, income tax, Small Business, tax courses, Canadian economy, wealth management, tax changes, tax education, financial education, tax reform, Liberal government, Morneau, Canadian Controlled Private Corporations, unfair tax changes, tax fairness, federal income tax, middle class taxation, entrepreneurs, CTF, high-income, government issues

Amidst calls by the federal government to improve “tax fairness,” a report by the Canadian Taxpayers Federation (CTF) shows that while a mere three per cent of all tax filers earn $150,000 or more, they contribute over one-third of all federal income taxes collected.

Weather the Tax-Reform Storm of Complexity at the New CE Summits

Posted: October 10, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Debt Management, CRA, capital gains, Financial Advisor, investments, knowledge bureau, Canada Revenue Agency, statistics canada, Evelyn Jacks, tax courses, ce credits, wealth management, tax changes, tax education, finance canada, tax preparer, tax reform, small business tax, CE summits, tax Canada, Distinguished Advisor Workshops, financial courses, Voluntary Disclosures, family tax credits, tax planning courses, tax season, financial conferences, bookkeeper, Toronto, Winnipeg, Calgary, Vancouver

2018 is destined to be a busy season for Canadian tax preparers and financial advisors who will need to be prepared to assist their clients in addressing the many new tax changes. This year’s CE Summits will help you gain a better understanding of the tax changes that have occurred, and those to come for private business owners and their families, and will allow you to hone the technical skills necessary to effectively address them.

Do Your Clients Have Good Debt or Bad Debt?

Posted: October 03, 2017
Posted in: Strategic Thinking , Debt Management, Financial Advisor, knowledge bureau, Evelyn Jacks, retirement planning, ce credits, home equity, financial education, tax reform, CE summits, financial planner, mortgage rates, interest rates Canada, unfair tax changes, Distinguished Advisor Workshops

Canadian household debt hit a record in the second quarter of this year, at $1.68 of debt for every dollar of income. As interest rates increase and debt levels soar, your clients run the risk of much greater uncertainty about their financial security.