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.Advanced Tax Knowledge Needed for Year End Planning Opportunities
Highly qualified tax advisors are in high demand, not only by their clients but by financial advisors who seek their services and advice.
Publishing Reminder and Upcoming Events
Knowledge Bureau is taking a short summertime break and would like to remind you that there will be no issue of KBR on July 27 and August 3. Next issue of Knowledge Bureau Report will be published on August 10. Knowledge Bureau would also like to remind you of some key dates to mark in your calendar.
Life Purpose
"If you accept the expectations of others, especially negative ones, then you never will change the outcome." Michael Jordan
Manitoba Signs On: CPP Final Agreement Coming July 15
Manitoba has agreed to sign on for federal Canada Pension Plan reforms and that gives the required 2/3 approval by the provinces required for the federal plan to move forward. Manitoba wanted emphasis on three key issues, discussed below, but the real issue to follow is this: will this be enough to help middle class Canadians fund their retirements?
Seniors Get Old Age Security Rate Increase
OAS rates are indexed quarterly based on changes to the Consumer Price Index. Seniors, who have not seen a raise since January 1, will receive an additional $2.85 per month starting in July. The Guaranteed Income Supplement (GIS) also increased by the same percentage.
Tax Tips: Foreign Asset Reporting
Did you know that as of May 16, 2016, like individuals, corporations can now file Form T1135 Foreign Income Verification Statement, electronically? EFILE has otherwise been allowed for the 2014 and subsequent taxation years for individuals. CRA will also make electronic filing possible for partnerships in the future, but they haven’t released a date yet.
