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:

Canadians who reach age 65 are more likely than ever to live into their nineties, largely due to advances in preventing heart disease, and to Baby Boomers leading healthier lifestyles. This trend towards increased longevity means that retirement income planning must cover a much longer period, in which a focus on continued accumulation and investing is as important as tax-efficient withdrawal of funds.

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. Franklin D. Roosevelt

The rules for claiming automobile expenses are similar for both employed and self-employed people, and they are also among the most frequently audited. Taxpayers will want to keep proper documentation and make the claims correctly.

The bad news? The Ontario budget is introducing $1.3 Billion in tax hikes over three years and the annual debt servicing costs on a total debt of $325.3 Billion will be $11 Billion. The good news?

The Department of Finance recently released proposals to amend certain sections of the Income Tax Act (the Act) that pertain to the tax treatment of certain trusts. The proposed changes restore fairness in matters relating to spousal trusts.