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:

About a quarter of a million business owners, or a fifth of businesses with employees, are now aged 55 and over and succession planning is big for them and for the economy. So is tax. How deep is government in the pocket of business? 

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Planning with trusts is becoming more and more common and if you can’t answer questions and explain the concept, your clients will find someone who can. Learn the pros and cons of all possible solutions for wealth and succession planning and earn a long-term and potentially intergenerational connection to your client and their family.

The Income Tax Estimator is a simple calculator that helps determine total taxes paid for individuals and/or couples based on different combinations of income sources. See it in action with the following what-if-scenario and then try it for yourself, risk-free!

While opinions are split on whether increases to income tax or sales tax would be better, KBR readers largely agree that governments need to be more accountable for their spending and budgeting practices.