Knowledge Bureau Poll: Tax Cut Doesn’t Cut It!

The Notice of Ways and Means Motion was released on May 27, but the 1% tax rate cut going into effect on July 1, didn’t cut it with Knowledge Bureau Report readers who responded to our May Poll.  A decisive 90% of respondents said “No” when asked: does the new government’s promise to cut the lowest personal income tax rate by 1% to 14%, (14.5% in 2025) go far enough to help Canadians impacted by high costs?  Here were their comments and suggested alternatives based on real life experiences with the after-tax income their struggling clients are left with:

Knowledge Bureau Report’s monthly poll for October asked: “In your opinion is the new Canada Child Benefit (CCB) better than the combo of UCCB, Child Tax Benefit and Family Tax Cut?”  The results were almost evenly split: 52% voted yes and 48% voted no.

Short of cash or credit for your business? Year end is a great time to review financing options with business-owner clients, especially if there is a pressing need for a few new assets in the business. There may be value in a couple of options beyond bank financing.

As boomers start inching towards retirement, the conversation about business succession planning needs to be accelerated.  It’s a great opportunity to become your client’s most valuable source of thought leadership and information by helping your clients to understand how much their business is really worth.

We look forward to welcoming close to 200 delegates at the DAC 2016 Opening Reception in less than one week and announcing our secret 2017 location on Sunday! The topic of discussion at this incredible three-day think tank will be SOAR HIGHER: Plan for Your Greater Potential.

“In the real world of work, purpose finding is what leaders do.” Robert E. Quinn

It may take a few weeks before CRA posts the numbers for 2017 tax brackets and personal amounts but the indexation factor is now determined. Get your exclusive peek at the new tax brackets for 2017 now.