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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, March 17, 2016 | 30 Fairness has evaporated from income tax rules: Watson Dollars & T Sense he Canada Revenue Agency (CRA) has been caught in an embarrassing mess. It appears it has turned a blind eye to wealthy families who were hiding income in order to not pay their share of income tax. Back in 2012, one of Canada's largest accounting rms was alleged to have created fancy offshore tax shelter strategies for a small number of wealthy clients. Guest Contributor Peter Watson Wet Basement? Let NATIONAL WATERPROOFING solve your basement water problems to increase the value of your house, maximize your living space, eliminate health risks to your family and let you appreciate your whole house! $ · Patented System · Fully Licensed & Insured · New Weeping Tile Installation · 10% Seniors Discount · 10 Year Transferable Warranty · Seamless Rubber Linings · Crack Injection/Repairs · References Available · Inside-Outside Methods · All Work 100% Guaranteed · Foundation Walls Waterproofed · Foundation Walls Rebuilt Any Job Over $1600 20000 off Not to be combined with any other offer. 1 coupon per person 20 Years' Experience 1-844-543-8236 www.nationalwaterproofing.ca FREE WRITTEN ESTIMATES maJor The CBC coverage of this was excellent. The optics of this appeared that the CRA said all of the correct things. Basi- wealthy families, their high-priced accouncally, it took this seriously and would pursue tants, and teams of lawyers bullied the CRA the matter. into submission and got it to do a complete The accounting rm received a court or- collapse of its obligation to uphold the Inder to disclose the names of its clients who come Tax Act. had participated in the questionable tax Last week, the CBC received an anonystrategy. It allegedly resisted. mous envelope in the mail with a copy of Most Canadians would have assumed the secret deal. this matter was being dealt with. We have The dirty little secret is now public and tax laws and there should be repercussions Canadians have every right to be mad. for individuals and accountants that advise We have a new government that prides those individuals if they don't follow the itself on transparency and what a wonderrules. ful opportunity for this backroom deal to be It has been my exdissected publicly perience over many in the court. years, Canadians do Only a trial not want to overpay will provide CaIt has been my experience over taxes. However, they nadians with the many years, Canadians do not want are very willing to pay shady facts that to overpay taxes. However, they are their fair share. The seem to be going very willing to pay their fair share. The keyword is fair, which on behind closed means nobody gets a doors. keyword is fair, which means nobody Canada is a spespecial deal. gets a special deal. It seems "fair" cial country. We It seems "fair" does not apply to the wealthy. care about those does not apply to the less fortunate and wealthy. And this is have good social where it gets embarPeter Watson programs in place rassing. Financial planner to provide assisIn 2015, CRA altance when that is legedly offered 21 necessary. wealthy families a Built into the special deal. Pay back taxes with some interest and there would Canadian political system is a degree of trust be no further penalties for them or their ac- and respect. We are reminded of this every day when countants. The special deal allegedly had one condi- we watch Americans go through their long process to elect a president. tion. Con dentiality. It appears fairness has evaporated from No one could be told of this special deal or our income tax rules. the deal was off. No longer is this just about a tax strategy In other words, no harm was done, so let's designed for the rich. just move on. -- Submitted by Peter Watson, MBA, CFP , What a sham. What a complete sham. CONCRETE eSPORTS ­ W I T H O V E R ­ inprizingavailable including an ESL producedHearthstone tournament. tournaments Pride semiformal open to all Halton high schools Teens, get ready to hit the dance oor at the LGBTQ2 Pride semiformal dance, slated for next Thursday (March 24). Starting at 7 p.m., the third annual event organized through the Halton District School Board's Positive Space clubs, which include teachers, students, administrators, program leaders, support staff, parents and community members, will feature a special guest performance by a Lady Gaga impersonator. The dance will be held at Craig Kielberger Secondary School (1151 Ferguson Dr., Milton) until 10 p.m. The LGBTQ2 Pride semi-formal dance is a popular event among local youth. In previous years, more than 350 students participated in the soirée. The dance is open to students from all Halton secondary schools. Tickets can be purchased at local high schools and from the Positive Space Network of Halton, whose LGBTQ22+ Youth Action Committee is offering a limited number of tickets at a special `pay what you can' price. For more information on purchasing tickets, contact Marcus Logan at marcusl@rockonline.ca. Canada's LARGEST VideoGame EXPO! Over 80,000sq.ft. of greatgaming attractions! International Centre - Hall 6, Mississauga EXPOSED AGGREGATE (Pebble) · DRIVEWAYS · STEPS · FRENCH CURBS · WALKWAYS · PATIOS · GARAGE FLOORS Playwithyourfriendson thelatestgamesina freetoplay area providedbyWorldGaming NO PURCHASE NECESSARY. Tournaments open April 29, 2016 to May 1, 2016 to entrants thirteen years of age and older. Must register for EGLX Show competitor pass by April 19, 2016 at eglx.com or via no purchase method. Limit: one (1) tournament entry total per person during the EGLX Show. There are three (3) prizes available per Tournament (first place, second place and third place) for each of the following Tournaments: Counter-Strike: Global Offensive ($6,000/$3,000/$1,000); Call of Duty: Black Ops III ($6,000/$3,000/$1,000); Hearthstone ($6,000/$3,000/$1,000); Halo 5: Guardians ($6,000/$3,000/$1,000); Dota 2 Solo Queue ($900.00/$450.00/$150.00). There are eight (8) prizes available for the League of Legends Solo Queue Tournament as follows: first place ($2,000), second place ($1,000), third place ($500), fourth to eighth places ($300 each). All prizes for each Tournament are in Canadian dollars except for the Hearthstone Tournament which is U.S. dollars. Chances of winning depend on number of entrants and skill in playing the game. Rules: www.eglx.ca uality At Its Best! Call Fernando For tickets and tournament registration, visit eglx.ca In partnership with 905-844-5518 1-888-944-5518 www.concretetrimmings.com FREE ESTIMATES