Tax Pros: Canada’s Tax System Has Taken a Big Hit

Canada’s tax and financial pros weighed in enthusiastically on last month’s two-part Knowledge Bureau Report Opinion Poll in which we asked: "Do you believe Canada’s tax system based on self-assessment, has suffered under recent changes at CRA and by Finance Canada?" 71% said yes. Part 2 was this question: "If so, what is the one wish you have for tax reform?" The responses were very interesting:

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“Taxes should not wag the investment dog,” says Michelle Connolly. Nor, she adds, should investment decisions ignore potential tax consequences.

Canada’s ranking in the World Economic Forum’s Global Gender Gap Index has slipped, to 21 in 2012 from 18 in 2011.

The Canada Revenue Agency (CRA) has had enough of gifting tax shelter schemes and is taking action.

If early retirement — enforced or chosen — is in the cards, take advantage of employer-provided pre-retirement counseling. This tax-free benefit can save you money.

If you are disputing a re-assessment of your income tax filing with the Canada Revenue Agency (CRA), failing to choose the appropriate appeal procedure can prove very costly.