Tax Aspects of 2013 Tax Aspects of 2013 Canadian BudgetCanadian Budget

50% of Federal Revenue 50% of Federal Revenue come from Personal Taxcome from Personal Tax

Corporate Income Tax Corporate Income Tax counts for only 13% of counts for only 13% of Federal RevenueFederal Revenue

HST/GST Consumer Tax HST/GST Consumer Tax fills 11% of Federal fills 11% of Federal BudgetBudget

Personal Tax collection Personal Tax collection got the highest priority got the highest priority in 2013 Federal Budgetin 2013 Federal Budget

It is a farm belief of the It is a farm belief of the Federal Government that Federal Government that Wealthy Canadians are Wealthy Canadians are hiding their money in hiding their money in offshore banks and offshore banks and investment accounts, investment accounts, avoiding paying tax. avoiding paying tax.

Every Tax payer is Every Tax payer is cheatingcheating

Closing the tax loopholes Closing the tax loopholes and finding the tax and finding the tax cheats will bring in $4.4B cheats will bring in $4.4B in new tax revenuein new tax revenue

Unleash the dogs on tax Unleash the dogs on tax cheats (whitsleblower) cheats (whitsleblower) and reward them and reward them (because CRA can’t find (because CRA can’t find them)them)

Banks to report to CRA Banks to report to CRA for international money for international money transfer of $10,000 or transfer of $10,000 or moremore

Extend the reassessment Extend the reassessment period by three years if period by three years if tax payer fail to report tax payer fail to report foreign propertyforeign property

Foreign property Foreign property reporting form T1135 is reporting form T1135 is being revised to make it being revised to make it more intrusivemore intrusive

Lifetime capital gains Lifetime capital gains exemption increased to exemption increased to $800,000$800,000

Government is Government is committed to balancing committed to balancing the budget by 2015the budget by 2015

So, even the economy So, even the economy tanks (and it will) we will tanks (and it will) we will balance the budget by balance the budget by collecting more taxcollecting more tax

And it is not the And it is not the Corporate tax that we Corporate tax that we will be collecting, it’s the will be collecting, it’s the Personal Tax.Personal Tax.

Are you ready to help Are you ready to help out the Federal out the Federal Government to balance Government to balance the budget by paying the budget by paying more TAX?more TAX?

While you go broke and While you go broke and can’t pay your bills or can’t pay your bills or your child care costyour child care cost

Who is in charge of Who is in charge of balancing your budget?balancing your budget?

Pay 55% of your income Pay 55% of your income in Tax, or be pro active in Tax, or be pro active by tax planning to bring by tax planning to bring it down close to 15%.it down close to 15%.

Need help with the Idea?Need help with the Idea?

www.taxsupport.cawww.taxsupport.ca(we are here to support you)(we are here to support you)