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Halton Region to review property tax policy strategy Change will ultimately benefit those struggling with financial challenges -- Knoll This is going to have an impact on our kids who are struggling to find rental accommodations in Halton to stay close to home. It's going to affect our neighbours who have found themselves in financial circumstances where they're no longer able to own properties. Those are the people it's going to benefit. Ward 5 regional councillor 13 | Wednesday, May 1, 2013 | OAKVILLE BEAVER | www.insideHALTON.com by Julia Le Metroland West Media ­ Halton Multi-residential homeowners have been subsidizing residential homeowners for quite some time because they're taxed at a higher rate, says a Halton Region councillor. With the 2013 multi-residential tax rate at two per cent and the residential tax rate at one per cent, those who own apartments and other multi-residential units are paying twice as much as their home-owning neighbours, Halton Hills Councillor Jane Fogal told Halton regional council recently. "I think it's a red herring," she said. "The policy should be different." While adopting staff-recommended tax rates for this year, council asked staff to develop a multi-year tax policy strategy. That new strategy would be aimed at addressing the equity of taxes on multi-residential properties, the competitiveness of taxes on industrial properties and the impact for residential properties. Amendment passes The amendment, moved by Fogal and supported by council, also asks staff to provide other tax policy options. Fogal said other regions have been successful at equalizing the multi-residential tax rate with residential. The councillor believes Halton Region needs to "bite the bullet" to make a gradual shift in taxes so that it's fair. "I think it's important for us to change the climate and to change the expectation by way of policy," Fogal added. During discussion some councillors expressed their skepticism on whether or not landowners will pass down the savings in taxes to renters if the rates become more equal. Market rates, said one councillor, also comes into play when landowners rent out their apartment units. Issue is fairness Oakville Councillor Jeff Knoll argued it's an issue about fairness and doing the appropriate thing for the community as a whole. "This is fair not because it fattens the pockets of landlords or profits of rental stock corporations, it's fairs because it lightens the burden "If we position this correctly and explain why this is happening I think that the inner goodness and fairness in all of us in Halton will understand," said Knoll. "... this is going to have an im- pact on our kids who are struggling to find rental accommodations in Halton to stay close to home. It's going to affect our neighbours who have found themselves in financial circumstances where they're no longer able to own properties. Those are the people it's going to benefit, so at the end of the day, it's going to benefit all of us, indirectly or directly," said the River Oaks councillor. INCOME TAX PLANNING FOR SMALL BUSINESS OWNERS We have, for the tenth year in a row, been awarded the First Place Diamond Award in the categories of Incorporation Services, Tax Planning and Preparation Services and Business Advisory Services. TEN YEARS IN A ROW Jeff Knoll for renters," he said. "It lightens the burden on a group of people who are statistically lower income earners than the majority of Halton residents and the ones who probably need the break more than anyone else," said Knoll. The Ward 5 councillor added he's not exactly sure how the tax policies were set in the first place. He argued to a large extent, renters don't use as much services as single-family homeowners. Slow change will work Knoll said if the tax changes are incremental and adjusted slowly, he believes residents will adapt to the change. CONCRETE If You Earn In Excess Of $20,000 Per Year And Are Not Incorporated, You Are paying Too Much Income Tax. TAX PREPARATION SERVICES CALL THE TAX ADVISORY NOW FOR A FREE ASSESSMENT OF YOUR CORPORATE AND PERSONAL INCOME TAX PLANNING SITUATION AT 905-469-8777 WWW.THETAXADVISORY.CA THE FOLLOWING TABLE SHOWS JUST HOW MUCH MONEY YOU CAN SAVE THROUGH INCORPORATION.... Net Income Personal Income Tax Corporate Income Tax Income Tax Savings ED FOSTER 20,000 40,000 60,000 80,000 100,000 120,000 140,000 3,277 9,319 16,095 22,712 31,117 39,799 48,750 3,100 6,200 9,300 12,400 15,500 18,600 21,700 177 3,119 6,795 10,312 15,617 21,199 27,050 ....AND THIS IS BEFORE WE ENSURE THAT YOU HAVE CLAIMED EVERY POSSIBLE DEDUCTION THAT IS AVAILABLE TO YOU. WOULDN'T YOU LIKE TO KNOW THAT YOU ARE PAYING THE MINIMUM AMOUNT OF INCOME TAX POSSIBLE? EXPOSED AGGREGATE (Pebble) · DRIVEWAYS · STEPS · FRENCH CURBS · WALKWAYS · PATIOS · GARAGE FLOORS ADVISORY COMMITTED TO REDUCING THE INCOME TAXES THAT YOU PAY www.thetaxadvisory.ca THE TAX INCORPORATORSTM COMMITTED TO INCORPORATING YOUR COMPANY THE RIGHT WAY THE FIRST TIME www.theincorporators.ca THE ADVISORY COMMITTED TO MAKING YOUR BUSINESS A SUCCESS www.thebusinessadvisory.ca THE BUSINESS uality At Its Best! 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