Elbows Up: The Time for Personal-Corporate Tax Reform is Now

One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.

“Knowledge Bureau is in the forefront of the industry. We must get that message out to the public; it is a game changer,” says Stefanie Keller, CEO of Stellar Wealth and Tax Solutions in Winnipeg.

It’s critical to operate within safe havens if you are in business today. To mitigate the challenges and issues partners and shareholders in business face during the business-building process, it’s essential to have a contract in place. But many don’t understand the core components before signing on the dotted line.

Our nation’s system is complex even to tax-educated Canadians. Imagine how mind-boggling this must be for newcomers (immigrants and refugees) and returning residents to Canada. There’s opportunity for advisors to work with this vast niche market and become a trusted educator and advocate for these families.

Data from a recent PwC study shows that the economic repercussions of Canada’s increasing lack of competitiveness due to U.S. tax reforms, could be ten times greater than the fallout from a NAFTA termination. If you work with business owner clients, expect to be asked about the granular details of the incentives.

Reputation matters, as the recent nominee to the U.S. Supreme Court has experienced just this week. It matters to your business, too. According to a report by Deloitte*, it accounts for 25 percent of any business’ market value. With such significant value placed on reputation, it’s not surprising that this is the number one strategic concern of business executives.

"When it comes to education, we are all looking for something different. Knowledge Bureau offers that variety”, states Connie Zhu, of Richmond, BC.