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:

In a hot housing market, “flipping” can be a lucrative strategy — but only if you don’t run afoul of the Canada Revenue Agency (CRA).

A civil third-party penalty has been judged a criminal penalty, shifting the burden of proof to beyond a reasonable doubt and shaking up the Canada Revenue Agency (CRA).

Canada’s Great Recession started in November 2008 and lasted seven months until May 2009, says the C.D. Howe Institute’s newly established Business Cycle Council.

Tax preparers, planners and advisors need to know the details of continuous tax change, using expert professional tax software and research skills.

Exclusive offer for KBR readers: $14.95 (regular $22.95) Make Sure It's Deductible by Evelyn Jacks

Winnipeg financial planner David Christianson says Managing the Bull is the first book you need to read.