Quote:
Originally Posted by Locke
And its happening more and more. Ask anyone who works at an accounting firm how their year-end was in December? They probably spent most of it pumping money through clients out of this province.
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Yup - we had a focused campaign on getting out to all clients and discuss the best option for their money (both personal and corporate) going forward. I'm not sure its a mass exodus of tax base as some are suggesting, but I'd hazard a guess that it might be enough that this tax rate increase will not actually increase tax revenues (i.e. high tax rate with a smaller tax rate = same amount of tax coming in as before).
One thing I continue to wait for with each budget is discussion regarding TFSAs. Each year, every person has the ability to shelter more and more investment income from tax. At some point, I'd have to think there will be a cap of TFSAs, because we are headed to a point where most people's savings could be sheltered from tax through an RRSP or TSFA. Still not one peep about it yet, but I'm thinking this has to come up sooner or later.