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All items tagged with: unfair tax changes

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

Posted: October 17, 2017 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

Posted: October 17, 2017 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.

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.

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.