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:Six Tax Concepts for Newcomers To Canada
Tax filing time is confusing for most Canadians, but for newcomers it can be completely bewildering. If you have the opportunity to help with this most important financial document of the year for many families, including new immigrants, consider broaching the following six concepts as a conversation-starter in your role as financial educator.
Bankruptcy in Retirement
Canadians are living longer, and while health may be one of the issues matured Canadians focus on in their golden years, carrying debt into retirement and the possibility of filing for bankruptcy is becoming more of a concern.
Don’t Miss KBR’s Extensive Federal Budget Coverage Next Week
Knowledge Bureau will be on the ground in Ottawa next week, delivering all the information you need after Finance Minister Bill Morneau unveils the Liberals’ first federal budget since taking office last fall.
Mark Your Calendar
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.
Life Purpose
"I am grateful for the blessings of wealth, but it hasn't changed who I am. My feet are still on the ground. I'm just wearing better shoes.”
- Oprah Winfrey
Tax Tips: What Expenses Can Commission Salespeople Claim?
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.
