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:

Employees who earn their living negotiating contracts for their employers or selling on commission may claim certain itemized sales expenses, income tax preparation costs, legal fees incurred to defend charges incurred in the normal course of business, as well as auto and travel expenses.

Ready for a fourth tax bracket?  That’s just one piece of news in the Manitoba Economic and Fiscal Outlook delivered March 8, in advance of provincial election in which the current government will face significant challenges; now even more so with the announcement of  a $770 million deficit.

It’s important that fragile investments stay intact as markets recover. For this reason, it makes absolutely no sense to overpay any personal income taxes in advance on the March 15 quarterly instalment remittance deadline. Astute tax and financial advisors will make sure their clients encroach on only the right amount of capital for these purposes, especially if they are retirees.

According to Statistics Canada, Canada’s fourth quarter current account deficit has increased by $0.1 billion to $15.4 billion. This is a seasonally adjusted amount. On an annual basis, our current account deficit increased from $44.9 billion to $65.7 billion in 2015.

Applications for the 2016 DAC Young Advisors Award are now being accepted for the Distinguished Advisor Conference Young Advisors Award.  The award is open to young advisors actively engaged in the financial services industry for at least five years and under the age of 35.

This heartwarming piece from Knowledge Bureau Master Instructor, Walter Harder, DFA-Tax Services Specialist™, comes with a challenge to advisors.