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:

Knowledge Bureau is pleased to welcome Founder and CEO of Trilogy Software, Cameron Peters, as our special guest on our November Corporate Tax Bootcamp tour.

Earn up to 30 CE/CPD credits through blended-learning activities in our November Corporate Tax Bootcamp. Register today for your final opportunity to secure your spot.

Do you wish you could better communicate your intrinsic value to others? Reserve Empower Your Presence by Canadian author Catherine Bell now — makes a great gift for your staff or young stars in the family and it will be available early November. Bulk orders qualify for significant discounts.

Provide the guidance you clients need by identifying key personnel and financial issues that should be considered before transitioning the business. Learn conveniently online and qualify for 30 CE/CPD credits before year end. Choose Fundamentals of Succession Planning by November 6 and save $200 on tax deductible tuition fees.

Easily determine total taxes paid for individuals and/or couples based on different combinations of income sources and more with the Income Tax Estimator. Try a free trial today!

On October 18, Finance Canada released proposed amendments to the Income Tax Act, the Excise Tax Act and the Income Tax Regulations for the remaining provisions from the March 21, 2013 Federal Budget.