Tax Pros: Canada’s Tax System Has Taken a Big Hit

Canada’s tax and financial pros weighed in enthusiastically on last month’s two-part Knowledge Bureau Report Opinion Poll in which we asked: "Do you believe Canada’s tax system based on self-assessment, has suffered under recent changes at CRA and by Finance Canada?" 71% said yes. Part 2 was this question: "If so, what is the one wish you have for tax reform?" The responses were very interesting:

The 2014 Alberta provincial budget was tabled on March 6, 2014. This budget shows an operational surplus of $2.6 billion and the government projects an operational surplus for the following three years of its financial plan.

The 2014 Saskatchewan provincial budget was delivered on March 6. The budget was the seventh consecutive balanced budget in the province. 

The Manitoba provincial budget was tabled on March 6. Two new tax initiatives were announced.

The premier of British Columbia tabled the 2014 provincial budget on February 18. The budget contained a number of tax-related changes, not all of which were directly related to income tax.

The 2013 Federal Budget announced that, beginning in 2014, the gross-up of small business dividends will be reduced from 25% to 18% and that the federal dividend tax credit will be adjusted as well. The net result is a slight increase in the taxation of other than eligible dividends at the federal level.

Great news! Students who win awards to go to school now qualify for full tax exemptions, if they qualify for the full-time education amount.