Knowledge Bureau Poll: Tax Cut Doesn’t Cut It!
The Notice of Ways and Means Motion was released on May 27, but the 1% tax rate cut going into effect on July 1, didn’t cut it with Knowledge Bureau Report readers who responded to our May Poll. A decisive 90% of respondents said “No” when asked: does the new government’s promise to cut the lowest personal income tax rate by 1% to 14%, (14.5% in 2025) go far enough to help Canadians impacted by high costs? Here were their comments and suggested alternatives based on real life experiences with the after-tax income their struggling clients are left with:Weekly Thought Provoker — Financial Services Threats
Join our online discussion: What are the greatest threats to the future of financial services?
People in the News
Phyllis Mikolajek, a business and tax services professional in Winnipeg, had this to say about attending the Distinguished Advisor Conference
Business Community Warns Job Losses, Inflation Would Follow Minimum-Wage Hike
Last month, Knowledge Bureau issued the results of a poll indicating that financial professionals are firmly divided on the prospect of $15-an-hour minimum wage. Now the business community is having a similar debate
Important Deadline for Correcting Errors or Omissions on Tax Returns
Did you know that the CRA’s Voluntary Disclosures Program (VDP) is proposed to change soon, restricting the ability to correct errors and omissions within a 10-year period?
New Phishing Scam Targets Tax Preparers
Tax pros beware — fraudsters have developed a sophisticated new email scam designed to steal your tax software usernames and passwords.
Will Recent and Proposed Tax Reforms Hurt the Canadian Economy?
The federal government’s “hurry up” approach to major tax reforms in Canada needs to slow down to allow for careful analysis of the proposals and changes from all stakeholders,
