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:

In a recent decision from the Supreme Court of British Columbia, it was held that the former common-law partner of a deceased individual was entitled to the pension benefits of his plan because the deceased never changed the beneficiary designation.

Contest announcement from Knowledge Bureau

Witnessing the brave migration of baby turtles from the sand in which they are hatched in to the sea they must live in, is an incredible experience – one that influenced the choice of Puerto Vallarta as the site of the 2015 Distinguished Advisor Conference. 

Substantial tax reform has recently changed the rules for post-death planning for high net worth families.

According to the Bank of Canada, since October 1950,  the record low for the Canadian dollar against the US dollar was recorded on the 21st of January 2002 – just over 13 years ago – when the loonie was worth just .6179. 

Tax tip of the week