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:

T2 filers must complete Schedule 88, effective with year-ends beginning 2013. This form is more detailed that the new “Internet Business Activities” added to schedule T2125 of the T1 return however, in both cases the information is to be filed with the tax return.

If you participate in an abusive charitable donations tax shelter, you’re opening yourself up to a sure audit.

Catherine Bell, author of Empower Your Presence, recently spoke at the Ad & Sales Club in Brockville, ON about the importance of the ABCs of professionalism. What are the ABCs?

At tax time your clients are counting on you to prepare an accurate tax return that will provide them with the maximum benefit. Learn how to dig deeper on a line-by-line basis with T1 Professional Tax Preparation – Advanced.

Should you draw from the CPP early?

Just a few more days until Winn$tock and to join Knowledge Bureau in helping raise $100,000 in support of The Movement Centre of Manitoba.