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:

The Parliamentary Budget Officer (PBO) released a post-budget economic and fiscal outlook last Thursday, on the same day the April 19, 2021 budget passed its second reading.  It was a timely move, as the report focused on the impact of the $142.9 billion in new measures proposed – a number which excludes pandemic related support. It suggests Canada’s long-term economic outlook may be more expensive and less rosy than the budget estimated.

There are two kinds of fishing expeditions. For most of us, tales of the big one that got away tend to brighten moonlit campfire stories.  But when it comes to fishing expeditions by the CRA, storm clouds can emerge quite quickly.  That’s why it’s important to understand the law and taxpayers’ rights under it. Knowledge Bureau Report welcomes Marco Iampieri B.A., JD, M.B.A. to its editorial team to explain why.

More than 60% of Canadians don’t have an employer sponsored pension, and as a result, the OAS is becoming increasingly important for those relying on reliable income in retirement. Advisors agree: 72% of more than 400 tax and financial professionals who answered the KBR April poll said “yes” to the question “Are you in favour of the OAS raise of 10% in 2022 for those age 75 or older?” However, many also left  very insightful comments about the important role of public pensions in financial health in retirement. 

Four doctors, eight senior executives, 2 best-selling authors and several top wealth advisors:  The thought leadership is outstanding at Virtual DAC 2021, October 17-19. Program Director Evelyn Jacks is highly enthused: “It’s never a small feat, but this year we are thrilled to offer the richest program ever to help advisors help their clients rediscover their financial stride.” Check out the details and register at early bird rates by June 30.

Sharron Morier completed the DFA-Tax Services Specialist™ Designation Program and shares how “Education is paramount in our industry to ensure we serve our clients well.  I want all our staff to have the confidence in their abilities that I have due to my KB educational experiences.” Here’s her story:

The Budget Implementation Act 2021, No. 1 passed first reading on April 30 and is progressing through the second reading phase.  A number of provisions proposed in the April 19, 2021 federal budget have dates set to come into play soon – including extensions to some of the COVID-19 benefit programs and other relief Canadians affected by the pandemic are hoping for immediately.  Here is a synopsis to review with your clients: