I continue to support the Canadian Taxpayer organization, a non-profit fighting for us.
For a list of the issues they are fighting for Ontarian’s click here. When reading about government waste, I often became frustrated with the feeling helplessness – donating to this organization allowed me to at least feel I was doing something.
With a liberal government majority we will see some tax changes. These are the tax benefits are what we can expect.
- For those that earn more than $200,000 per year the Liberals will introduce a new 33% tax bracket, up from 29%, Expect this to happen almost immediately.
- Middle-class clients will have a few more dollars to invest once the Liberals drop the tax rate for those earning between $44,700 and $89,401 from 22.5% to 20%, a nice round number.
- The Universal Child Care Benefit is gone to be replaced by the non-taxable Canada Child Benefit. The most-needy benefiting to the tune of $533 per month per child. Those earning over $300,000 get nothing.
- Also gone is one of the most controversial pieces of the Conservative’s tax plan – income splitting for families. Unless couples have a wide spread in incomes with the top earner less than $75K this will not impact you.
- The $10,000 TFSA contribution limit for 2015 will likely be rolled back to $5,500 in 2016, exactly where it was prior to the change in June from the Conservatives.
- Starting in 2017, EI premiums will be reduced by 23 cents per $100 earned to $1.65. While a smaller cut than the Conservatives were promising, it still puts more money in the hands of your clients.
- Ontario Premier Kathleen Wynne suggested during the federal election campaign that if Justin Trudeau was elected as prime minister the expansion of the CPP might result in the scaling back or elimination of ORPP.
I am and have been a regular voter –one of the 51% of Canadians who regularly vote. I believe we cannot be without government – I believe it must be in place to prevent those who would take advantage of us and help those less fortunate. I believe it must aid in creating and supporting our identity as a nation. It must protect our physical and wireless borders. It must foster pride and entrepreneurship and promote us internationally.
In Ontario we are at a critical juncture with the upcoming election and I urge you to become aware of the issues and vote according to your perspective, understanding, and heart.
Recently I joined the Canadian Taxpayers Federation. As a not-for-profit organization, I feel they have made me aware of things the news media colours inappropriately. I recommend you check out their website and get their newsletters. Yes they will ask for a donation which is the only way they are funded – and is exactly the only way I want them funded! Consider it an investment into your future! I support them financially and they are grateful and don’t bother me too much for more.