KBR Poll: A Huge Opportunity for Tax Reforms

The Knowledge Bureau News Network was vibrant last month, especially in the Knowledge Bureau Report Poll. Over 98% of readers who answered overwhelmingly were in favor of tax reforms and they had some great comments as well. Take a look:

Business leader, coach and Knowledge Bureau author Joanne Sigurdson hosted a workshop at Knowledge Bureau’s fall CE Summits that wowed the audience with new thought leadership and inspired the business builders who attended to “think bigger” as they contemplate their plans to expand their careers and businesses in 2018.

Canadians working in the financial services have been the largest contributor to the national earnings increase, according to Statistics Canada November 30 survey on Payroll, Employment, Earnings and Hours.  The gains were particularly impressive in the professional, scientific and technical services: average weekly earnings were up 3.4% to $1,354; growth driven by accounting, tax preparation, bookkeeping and payroll services with notable increases in Ontario and Quebec.

The majority of tax and financial services professionals agree: CRA has stepped up audit activity on returns of average Canadian tax filers.  Knowledge Bureau Report’s November poll found this trend emphasizes the value that financial and tax preparers can offer to Canadian taxpayers, as they grapple with a less-than-satisfactory experience with their tax department.

Canada Revenue Agency (CRA) has again come under fire for its policies for assessing the claims of people with Type 1 diabetes who previously qualified for the Disability Tax Credit (DTC). However, it is defending its policies as being consistent.

While Canada Revenue Agency is under fire for failing to provide timely and accurate information to taxpayers, it’s clear that tax and financial advisors have an important role in filling that gap and in the process demonstrate unique value to their clients as trustworthy resources.  But the industry, too, must step up its knowledge in light of increasing complexity.

According to recent census data from Statistics Canada, the baby boomers continue to live life on their own terms, especially as they approach and surpass the traditional retirement age, but they are working longer, supporting adult children and often they are also in debt. The provides opportunities for interaction with retirement specialists.