With tax deadline—and federal budget—time fast approaching, here are three more of the top tax dodges exploited by the rich and famous.
Last week we explored the stock option deduction, partial taxation of capital gains and tax free savings accounts. This week family income splitting, meals and entertainment expense deductions and tax havens round out the dodgy half dozen.
Week in Review April 17, 2015
- Fight for $15 gains momentum
- What about $70K minimum?
- Inflation rising
- Economic growth declining
- Federal cuts killing jobs, services and safety
- No P3 penalties for corporate crime
- Hydro Gone?
- Whack-a-union bill back in Senate.
It’s tax time!
Time hunt through shoe boxes and file folders for sports, music and transit pass receipts and bills to reduce our taxes by a few bucks.
But his column isn’t about those pedestrian tax breaks. It’s about the big stuff: the big tax dodges most can’t afford, and can only dream about. It’s about the tax loopholes that help keep the rich and famous, well, rich and famous (and that are a big drain on our public finances).
Following are our top six tax dodges. But don’t expect to find all these on the general tax form: some are X-rated and only available to a select few. (And to be more tantalizing, just three will be revealed this week with the final three for next week. )
Week in Review April 9, 2015
- First tragedy, then farce: balanced budget legislation
- Selling out GM shares
- Jobs find workers and not so much vice versa
- Wage hikes for the lowest paid in U.S.
- John Baird: Checking out and cashing in
- The high cost of Conservative “child care”
- Class action: edcuation workers ready to strike
Canada’s budget season really got underway in the last week of March, with the three provinces of Alberta, Quebec and New Brunswick tabling their budgets. These recent budgets all feature a return of austerity: not the type of immediate deep cuts they had warned about and that have hobbled European countries, but more of a slow neo-liberal bleed that will restructure their states and contribute to stagnant economic growth.
The Economic Week in Review for April 2 2015
- Economy growth not yet “atrocious.”
- Economic security and public investment whip terrorism and tax cuts as priorities
- No future for Future Shop, employees left in the dark
- Wages increasing (a bit)
- Profits permanently higher?
- Still Working on the Edge
- Diversity recognized
After a cold and bitter winter in Central and Eastern Canada and balmier weather in the west, temperatures across Canada are about to rise—and not just because spring is officially upon us. Budget season has started and it looks like it will soon get hot and stormy.
For the first time in memory Quebec will boast a number of years of balanced budgets while Alberta simultaneously runs deficits—but that’s not where the real dividing lines are.
Over 60,000 Quebec students started rotating strikes to protest spending cuts and austerity measures anticipated in the province’s budget tabled on Thursday and are planning another stormy spring with many actions against austerity. The Liberal government of Phillipe Couillard has already made its intentions quite clear. Its spending review commission proposed cuts of over $2 billion, primarily by slashing support to municipalities, agriculture, education, ambulance and childcare programs, where the government has already hiked rates. This is even though Quebec already has the lowest program spending per resident of all provinces.