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:

Alan Rowell, MFA, DFA-Tax Services Specialist, shines a light on a new communications issue at CRA...how would you advise a client with this problem?

Our Disability Awareness series concludes this week with a look at non-refundable tax credits that can be claimed on the tax return. These articles are excerpted from Jacks on Tax, by Evelyn Jacks.

The disabled who incur expenses of an attendant or other disability supports purchased in order to earn employment or self-employment income or to pursue education, can claim the costs of Disability Supports on Line 215 so long as the expenses were not reimbursed.

Congratulations to David Christianson, Vice-President of National Bank Financial Wealth Management, on achieving his recent distinction as Fellow of FPSC.

Knowledge Bureau will be closed August 1 to August 5 for summer holidays. Online course registration will be available throughout this time. Be sure to register by July 31 to begin your second Summer School session August 6.

Why have the financial and legal advisory communities done such a poor job of committing their clients to a deep and effective estate planning process?