Thursday, October 05, 2017

Excellent article on fair tax changes

MSN news not the best news source especially since they have removed their comment section. Too often the comments spoke for the real Canadian sentiment which was quite different than their slant on it.

However their finances department has good information on wealth management, creation and preservation.

Evelyn Jacks'  '10 ways to actually bring fair tax relief to Canada's middle class" is very good

"1. Collect only the right amount of tax, but no more. It was not so many years ago that the average tax refund was under $500.  But today, it’s over $1,700 per person per year.  That’s $3,400 per household, assuming two adult workers.  By reducing the amount of taxes taken at the source, the government would accomplish something remarkable: more milk money would flow through to middle class wallets every two weeks.  There would also be more after-tax cash flow to fund RRSPs, which, in turn, would increase available tax credits. "

I've noticed this myself with tenants. They struggle with rent and then hope to catch up with a huge tax return. Why over-collect?

Get all 10 tips HERE


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