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:

Did you know that you can save a bundle if you register for two or more of the upcoming CE Summits?

Brian Dunn, CPA, CMA, from Calgary, AB, shares his thoughts about the T1 Professional Tax Preparation – Basic course:

The federal government is on the hunt for new tax revenue from Canada’s small businesses, mainly because of an erosion of the personal tax base and a significant shift of taxable income to the corporate tax base instead.

In July, we asked you to vote on the following question: Does CRA do enough to ensure Canadians understand income tax and GST/HST implications of flipping personal residences? (For example, taxable dispositions require repayment of new housing rebates.)

We may be in the dog days of summer, but before you know it teachers will be planning for the fall of 2017, and in the process may be spending their own money to buy new school supplies.

The Canada Child Benefit (CCB) and Goods and Services/Harmonized Sales Tax Credit (GSTC) are both calculated based on net family income from the prior tax year.