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:

A recently released judgment from the Tax Court of Canada testifies to the importance of good record-keeping and exemplifies a clever method that the Canada Revenue Agency (CRA) invokes when investigating taxpayers who hide behind inadequate records.

If you turn 65 before July 1, 2013, can you still opt to delay receipt of Old-Age Security (OAS)?

Everyone in Canada qualifies for the Basic Personal Amount (BPA). 

This week: 10 neat things about artichokes

Congratulations to Kareen Rekowski, who was recognized by the Champlain Community Care Access Centre in November 2012.

This leading-edge program is designed to provide structure and process for advisors interested in specializing in tax efficient retirement income planning. Try it today, risk free!