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.
Big changes are coming to CRA’s Voluntary Disclosures Program (VDP) this fall. The proposals on the table will see the program evolve from an opportunity for taxpayers to correct errors and omissions, to an opportunity for government to use the program to generate revenues at a modest cost.
Mid life crisis? According to Statistics Canada, there are about 71,000 divorces in Canada each year. In fact, over 40% of marriages will end up in divorce, and it can be very expensive - before and after tax!
Debt is the number-one financial issue in Canada today, and things are about to get more urgent for mortgage holders and business owners who have significant debt.
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?