WINNIPEG, Jan. 28 /CNW/ - Higher taxes for Canadians are inevitable as a
result of the federal government's plan to stimulate the economy with deficit
spending, says Evelyn Jacks, president of The Knowledge Bureau, a leading
Canadian financial services education institute.
Tuesday's federal budget projected a deficit of $33.7-billion for fiscal
2009-10 and $29.8-billion for 2010-11.
"Today's deficits will surely become the taxes of tomorrow," says Jacks,
an author and tax expert. "Already, the federal and provincial taxes every
Canadian pays on income and capital are by far the largest destroyer of wealth
over a lifetime. These deficits won't help."
Jacks maintains that the government's deficit plans should be
particularly worrisome to Canadian Boomers, who, at 10-million strong,
comprise the largest percentage of Canada's tax base.
"Boomers - quite possibly Canada's most overtaxed generation - should be
considering some hard questions about the financial state of the nation and
their own personal net worth. For example, what effects will deficit spending
today have on their access to public pensions and the health care system
tomorrow? How will deficits affect the taxes they are forced to pay on their
wealth transition? How will increased future borrowing influence inflation and
therefore the purchasing power of their after-tax retirement income?"
Jacks believes that as the Boomers retire and begin to access Canada's
pension and health care systems in ever greater numbers, a shrinking labor
force won't be able to support the increased demand for spending at current
taxation levels - and higher taxes will result.
"Canadians need to get educated about tax and its powerful implications,"
says Jacks, the author of a just-published book entitled Master Your Taxes:
How to Maximize Your After-tax Returns.
In Master Your Taxes, her 42nd book, Jacks shares simple principles that
will help Canadians control that largest single lifetime expense - taxes. She
provides tips on how to plan for tax efficient income and capital to build
wealth, through every economic and personal life cycle.
Master Your Taxes is the first in a new series of Master Your Personal
Finances books, published by The Knowledge Bureau.
The Knowledge Bureau is a national certified post-secondary educational
institute, which provides continuing professional development to practicing
professionals in tax and financial services leading to certification and
designation. For more information, please visit www.knowledgebureau.com.
For further information:
For further information: Media: To arrange an interview with Evelyn
Jacks, please contact Marion Trapp at The Knowledge Bureau, 1-866-953-4769,