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Originally Posted by Bring_Back_Shantz
Yeah, bobblehead, I think you've got your dates mixed up.
THe 15% will be in effect for the 2005 tax year (meaing the taxes you'll submit in 2006). But for 2006 they'll be back at 16% (should the conservitives win) so it'll be that way for the taxes you submit in 2007.
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- The Liberals made the change in rate announcement late 2005.
- Then they were defeated.
- The tax rate drop has NOT passed. Legally, the rate is still 16%.
- But CRA released their forms on their website with the 15% rate listed.
- CRA has now said that they had to make a decision by the end of the year and will assess 2005 returns at 15%.
- Most people will get a refund, since all source deductions were calculated on a 16% rate.
Any party who is elected and refuses to initially proceed with the rate drop will force the public to give back their refunds, so, according to the article, the Conservatives have conceded 15% for the 2005 tax year is a done deal.
It is almost as if the CRA has made policy.
However, if the Conservatives win, they are announcing they will raise the rate back to 16% (whether that is for all 2006 or half way through the year, only the Conservatives know)