Podcast: Automatic Tax Filing - Will It Work?
Last week Taxpayers' Ombudsperson François Boileau tabled his annual report: In Pursuit of Better Service: Taxpayers Deserve More. once again, it was nothing short of scathing, as CRA received its highest number of complaints in the last three years. Calling our “completely nuts” Income Tax Act a potential barrier, he is nonetheless pushing for automatic tax filing as a potential solution. A new episode of Real Tax News with Evelyn Jacks & Friends available next week, will feature guest Gillian Petit, Ph.D. - author of a great report, Welcome News for Lower-Income Canadians, but There’s More to Do - which takes a deeper dive. Consider the following:Budget 2015: What’s in it For You
How did the Pre-Election Budget help you?
We've included several scenario's in this report to help you consider whether you were a winner.
Scenario 1: Young Couple No Children
Michael and Jessica are a young couple living in their condo in Vancouver. How will the budget affect them?
Scenario 2: A Young Family
Matthew and Ashley live in Winnipeg. They have two children, ages 3 and 5. They own their own home.
Scenario 3: Retired Couple with RRIFs
Brian and Patricia retired a few years ago. Brian is 74 and Patricia is 72. The couple live in Halifax, NS and have RRIF balances of $300,000 and $400,000 respectively.
Scenario 4: Seniors Without TFSAs
Robert and Jackie are contemplating retirement. Robert is 65, earns $55,000 from employment and also receives a $24,000 pension.
Scenario 5: Single Taxpayer – No Children
Glen is single, age 55. He lives alone in a rental apartment in Hamilton, Ontario. His current salary is $55,000. His rent is $1,000/month.
