Tax reforms will put the brakes on economic growth

Professionals, farmers and entrepreneurs are paying their fair share; raising their taxes will dampen investment and risk-taking

Tax reforms will put the brakes on economic growthInstead of clamping down on the entrepreneurs who drive Canada's economy, the federal government needs to back off on all taxation. The federal government is determined to eliminate the perceived income tax benefit provided to people who incorporate. The argument is that those who incorporate get an unfair benefit at the expense of Canadians who…

The loudest voices against tax reform are not neutral

Almost absent in the debate about proposed Canadian changes are any voices defending the idea of tax fairness

The loudest voices against tax reform are not neutralFederal Finance Minister Bill Morneau’s proposals for tightening tax breaks associated with private companies is generating several kinds of response on social media and in mainstream media. The most evident is an impressive deluge of evidence-free rhetoric claiming that the proposals are an attack on everything from the middle class to maternity leave for female…

Why small business is making a big deal about tax changes

The Liberals are making a huge mistake by sticking to their guns on changes to Canada's tax code and it could back to bite them

Why small business is making a big deal about tax changesDear Messrs. Trudeau and Morneau: So, small businesses. Almost 12 years ago, I started one. It was quite a thing. Before that, I’d been special assistant to Jean Chretien on Parliament Hill. I’d been a partner at a Bay Street law firm. I’d been a vice-president at a Vancouver ad agency. I’d been a reporter…

Liberals caught with their political pants down

The political narrative has suddenly shifted to how the federal Liberal government is hurting the middle class’s financial future

Liberals caught with their political pants downFederal Finance Minister Bill Morneau’s proposal to eliminate tax loopholes for small business has been both widely discussed and heavily criticized. This isn’t surprising when you consider it could have a detrimental economic effect on everyone from doctors to farmers. But one component has been mysteriously absent from this conversation: Morneau’s plan is actually anti-egalitarian.…

Another Trudeau turns on Western Canada

Justin risks a similar fate to his father's if he also allows the radical wing of his party to undermine the economy

Another Trudeau turns on Western CanadaThe 2015 federal election campaign may be fading from our memory but we can't forget that in that pivotal campaign the Liberals painted a balanced and attractive picture of Canada's future. Led by the unproven but photogenic Justin Trudeau, the Liberals promised to be more aggressive in protecting the environment and advancing the interests of…

Are changes to Canada’s tax code being driven by job churn?

Soon, half the workforce will be self-employed, compared with 20 per cent now. So we could lose a considerable amount of our tax base

Are changes to Canada’s tax code being driven by job churn?Many Canadians think the recently proposed changes to the tax code are a money grab. But it could also be related to the changing face of work. Just less than a year ago, Finance Minister Bill Morneau began warning Canadians about “job churn.” Also called “precarious work” by Morneau, it’s insecure and unprotected employment that…

Tax reforms may be a turning point in Liberal political fortunes

Trudeau’s political blindness when it comes to “unfair” small business tax loopholes is staggering

Tax reforms may be a turning point in Liberal political fortunesIt all seemed perfectly reasonable: tax the low hanging fruit of "fat cat" professional corporations to fund programs for the poor. Who could object to that? Turns out plenty of people object. A Hurricane Harvey of resentment has landed in Canada and its torrent of political backlash is growing stronger by the day. The Liberal…

The sky is falling on small business – or is it?

Proposed tax changes actually bring more fairness to the system, helping to close loopholes and eliminate back-door strategies to hide income

The sky is falling on small business – or is it?Federal Finance Minister Bill Morneau recently released a long-and-nervously-awaited discussion paper that was met with near apoplexy in some corners. That reaction is misguided. The paper is aimed at closing a number of loopholes where mainly rich taxpayers use private companies (Canadian-controlled private corporations or CCPCs) to reduce their taxes, compared to most Canadians whose…

Do immigrants work harder?

With limited resources to fall back on and failure not an option, newcomers buckle down and make the most of their new life

Do immigrants work harder?When Henry Novak and his brothers arrived in Canada in 1967 to escape a lack of opportunity in their native Slovenia, they had no option but to work hard. They came without money or English. They hoped to get a job with their brother Tony, who preceded them ito Canada and was working as a…

Three steps to creating your own job

Becoming self-employed or starting a small business has some unique advantages: you can’t be laid off and there’s no ceiling on how much income you can make

Three steps to creating your own jobIf the job market doesn't satisfy your needs, maybe it’s time to create your own job. How often have we heard people say there are no jobs out there? Or the jobs are all lousy and low-paid – they don’t give you enough hours or dollars to make a decent living? Or they might be very good,…

Learning from the resolve of zero-gravity spiders

Rejected in love? Lost a job? Experienced a serious medical condition? Gone through a financial crisis? Spiders In Space offers comfort

Learning from the resolve of zero-gravity spidersSpiders In Space: Successfully Adapting to Unwanted Change By Todd Hirsch and Rob Roach P&P Publishing C$20 For those of you who had any doubt, this book confirms that misery really does love company. It tells the story of 15 very different people from a variety of backgrounds across Canada who have but one thing…

Your financial adviser’s interests may not align with yours

Do your homework. Look with a critical eye at your service providers. After all, it is your money

Your financial adviser’s interests may not align with yoursThe tax free savings account market continues to be a great unknown for many Canadians and the big banks apparently aren’t helping. Recently, I asked readers if they were among the six million Canadians with the savings accounts known as TFSAs, and if they truly understood the value those accounts represented – and the flexibility they offered investors. “The pitiful…

Tax free savings accounts: controlling your financial destiny

Too few Canadians know they can use TFSA funds to invest in ventures that could bring big gains (and cost nothing in tax)

Tax free savings accounts: controlling your financial destinyAre you one of the six million Canadians who have opened a tax free savings account (TFSA)? Have you ever wondered about the real purpose of these accounts? You’re not alone. Millions of Canadians are unaware of the potential windfall that former finance minister Jim Flaherty handed them in 2009 when he introduced TFSAs. TSFAs were…
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