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:Peer-to-Peer Learning is a Most Effective Way to Excel
There are so many tax planning changes being introduced for 2016 – 2017 that tax, bookkeeping or financial services professionals may have trouble keeping up with answers to their clients’ complex questions this year.
Life Purpose
Post-Thanksgiving reminder: "To keep the body in good health is a duty, otherwise we shall not be able to keep our mind strong and clear." Buddha
Year-End Tax Tip: Donations
Charities count on our support at year end. Not only is donating to a worthy cause the right thing to do, but digging deep to help others also makes good sense from a year-end tax planning point of view, especially for young, high-income earners.
Tax Reporting Change Will Affect All Homeowners
The Distinguished Advisor Workshops soon to be running across Canada will discuss a major change in reporting or principal residence dispositions that will affect Canadians and the tax preparation broadly: all principal residence dispositions must be reported on the tax return starting in 2016.
KB Poll: Donations Credit Could Use a Tax Boost
According to last month’s Knowledge Bureau Poll, the existing charitable donations tax credit could be more generous to taxpayers. So said 75% of the respondents, who also gave suggestions for improvement of the credit. But the tax tail didn’t always wag the donation dog! Many respondents gave to charity for other reasons.
2017 NAICS Adjusts Industrial Classifications
Tax advisors must select industry classifications as they prepare tax returns for their business-owner clients. They will be interested to know that the North American Industry Classification System (NAICS), around since 1997, is updated every five years, and the most recent update was just released September 29, 2016.
