Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

An Auditor General report released last week indicates that the CRA is blocking calls and providing Canadians with inaccurate information, leaving many at risk of severe and expensive consequences in filing their tax returns.  This is especially troublesome as Canadian taxpayers bear the burden of proof to justify the entries they submit on their tax returns.

Have you or any of your clients received a pink slip or early retirement package? There is some tax planning to consider doing before saying farewell to the world of work.

Knowledge Bureau’s November Poll asks you to weigh in on the level of audit activity being experienced across Canada, amidst reports of delays and other service-related problems at CRA, like those experienced by single mom, Marcia Peel, who is still waiting for her Canada Child Benefit after 6 months and $700 in legal fees.

Sadly, the gap between the least and most educated in our society is growing. In 2016 young males without a high school diploma had an employment rate of 67 percent compared with 89 percent for a university-educated man; the employment rate for women with less than a high school diploma was 41 percent versus 84 percent for those with a university degree.

Attaining work-life balance and overall job satisfaction seems out of reach for a percentage of Canadians, according to Statistics Canada. Embracing new opportunities for personal and professional development is the key to reaching these goals.

At Knowledge Bureau, we love to receive feedback from our readers. Klaus Theyer of Exact Tax Services commented on thought leadership about recent federal tax changes.  Here’s what he said: