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:

Financial advisors and members of the business community as a whole who are concerned about a greater anticipated role for financial regulation in Canada will want to track the progress of implementation of a new Capital Markets Regulatory Authority (CMRA) and participate in public consultation.

Personal tax planning for the Owner-Manager begins with corporate tax planning. As setting the fiscal year-end in the last have of the year can be very advantageous, this means corporate tax planning is now.

FOR IMMEDIATE RELEASE – Monica Weissmann is an independent financial advisor who runs her business on the Manulife Securities platform. Her path into the financial services industry is a unique one.

On August 26, make sure you check out our Academic Excellence Issue of Knowledge Bureau Report.

The Investment Industry Association of Canada (IIAC) believes that increasing RRSP contribution maximums would help pre-retirees, and that deferring capital gains when shares of a small business are reinvested within six months of a sale would be a great way to boost economic growth.

A recent decision of the Supreme Court of Canada was extremely costly for the appellant and has vast implications for tax preparers and tax advisors across Canada.