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:On The Move? Tax Relief Can Reduce Financial Stress
Summer is here and it’s moving season. Exciting yet stressful, this life event can be lucrative from a tax viewpoint.
Trees Win, But Average Tax Refund Up To $1,729
For the 2015 tax filing season, the average Canadian overpaid their taxes by $1,729 during the year—that’s just over $140 a month that’s not going into TFSAs, RRSPs, RESPs, RDSPs, or non-registered accounts to benefit Canadian families in their future.
New Form Defines Tax Exemptions for Status Indians
When is employment income earned by an Aboriginal person exempt from income tax?
No Fooling - Proprietorship Returns Due June 15
Time’s up for procrastinators... midnight on Monday June 15 is the T1 tax filing deadline for unincorporated businesses.
Emotions Aside, Sometimes Estate Litigation is Wrong
On May 28, 2015, the Ontario Court of Appeal (ONCA) dismissed an appeal from the dismayed son of a deceased testator.
High Standard Upheld in Will Validity Challenge
Back in 1851, a decision in Russel v. Jackson reasoned that when the validity of a Will is challenged, the solicitor’s file should be disclosed in certain circumstances to provide insight into the views and intentions of the testator, or the objects and purposes for which dispositions have been made in the Will.
