Last updated: November 09 2022
Taxes and source deductions will continue to rise despite last week’s grim economic forecasts from the Finance Department. Here is what’s in store based on forecasting in the Fall Economic Report, released November 3.
In the short term, the reduction in economic activity, noteworthy under the government’s downside scenarios, will lead to lower personal and corporate tax revenues for the government, lower excise taxes and duties and lower proceeds from pollution pricing frameworks than anticipated earlier in the year.
Higher interest rates will also result in a short-term decrease in Bank of Canada net profits. Still, taxes will rise across the board:
Join Evelyn Jacks on November 16 at the Virtual CE Summit when she will highlight these and other significant tax and economic changes affecting your clients in the 2022 tax filing year and in tax planning for 2023 and beyond.
Evelyn Jacks is Founder and President of Knowledge Bureau, holds the RWM™, MFA ™, MFA-P™ and DFA-Tax Services Specialist designations and is the best-selling author of 55 books on tax filing, planning and family wealth management. Follow her on twitter @evelynjacks.
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