Elbows Up: The Time for Personal-Corporate Tax Reform is Now

One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.

There is a worrisome gap between the annual growth in Canadians’ employment income and the increase in inflation: wage growth has stalled in Canada. The result is a challenging savings environment.

“We can’t solve problems by using the same kind of thinking we used when we created them.” -Albert Einstein

Small business forms the backbone of the Canadian economy, yet only a minority of businesses successfully pass to new owners. Sophisticated strategies are needed to ensure greater success in the transition of business ownership.

The World Economic Forum predicts that a dramatic retirement savings shortfall could hurt citizens in several of the top western nations, including the UK and Canada.(1) They suggest that the gap could be as big as US$428 trillion by 2050.

Imagine being part of a 3-day think tank devoted to sharing strategies on how to best navigate this challenging, yet exciting era in the tax and financial services. That is the primary reason why our DAC delegates attend the conference year after year. 

Rick Tomalty: I'm having more meaningful conversations with my clients thanks to Knowledge Bureau