The Knowledge Bureau News Network was vibrant last month, especially in the Knowledge Bureau Report Poll. Over 98% of readers who answered overwhelmingly were in favor of tax reforms and they had some great comments as well. Take a look:
In some countries, such as the United States, taxation is based on citizenship. In Canada, however, the government levies income taxes based on residency.
Federal tax returns are required to be filed by all Canadians who have a balance due or file to recover overpaid taxes or refundable tax credits. Provincial taxes for the whole year are based on your province of residence on December 31.
This powerful calculator links your client’s trigger questions: about life events, financial events and economic events with changes needed to get the financial results needed now and in the future.
Does the new government’s promise, expected soon, to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs? What are alternatives in your view?