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:

Tax tip of the week

Last week, we looked at the TFSA helping those who pay taxes on investment income. This week in part 2, we will look at savings opportunities for the middle class.

Taxpayers and their advisors may consider this question more frequently as CRA pushes for more electronic communications, such as the provision of email addresses on this year’s tax return.

This week I had a discussion with a client about what would happen when either he or his wife passed away. 

  The one thing about an electronic age – computers do exactly what they’re told to do – right or wrong!

The Supreme Court of British Columbia recently ruled that a bankrupt’s contingent entitlement to trust funds was property that vested with the trustee in bankruptcy as part of the bankrupts' estate.