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.

Canadian household debt hit a record in the second quarter of this year, at $1.68 of debt for every dollar of income. As interest rates increase and debt levels soar, your clients run the risk of much greater uncertainty about their financial security.

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Jan Sawchuk, of Peachland, B.C., on the Basic Bookkeeping for Small Businesses course

With the looming Oct. 2 deadline for commentary on proposed tax changes to private corporations, the business community is renewing its call for the federal government to scrap the proposals in favour of a comprehensive tax policy review.

More than 65 per cent of Canada’s 14 million households contributed to at least one registered savings account (RPP, RRSP or TFSA) in 2015, according to recently released Statistics Canada data from the 2016 Census.

Nearly four in 10 (38 per cent) Canadians age 55 or older — and 14 per cent of those 65 or older — participated in the labour force last year, the highest participation rates among older Canadians since the collection of comparable Statistics Canada data began in 1976. But who exactly are these stalwart workers, and at what age are they retiring?