Budget 2007: Families first

Some boosts for small companies Old age benefits A Conservative balancing act Tax planning, perks and hidden gems Federal Finance Minister Jim Flaherty announced a new Registered Disability Savings Plan, a plan modelled after an RESP that allows anyone — family members and non-relatives alike — to contribute a maximum of $200,000 into a RDSP, […]

By Bryan Borzykowski and Mark Noble | March 19, 2007 | Last updated on March 19, 2007
3 min read
  • Some boosts for small companies
  • Flaherty takes on regulatory reform
  • TEMPLATE LETTER — To Clients/Prospects: The 2007 Federal Budget and your financial plan

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    Though Stephenson says the RDSP has “real potential,” she says the government should have considered investing more into disability programs.

    While many advisors are pleased that the budget addresses families with disabled children, overall they’re not thrilled with Flaherty’s announcement.

    “I was expecting more,” says Stephenson. “I don’t think it lived up to the hype and I don’t think our clients will think so either. It might buy a family a laptop.”

    She says several tax savings, such as the child credit tax of $2,000, which would save up to $310 per child, and the phasing out of the marriage penalty, arn’tenough to help the middle-class family. “If (our clients save) $800, I’m sure that even for the average Canadian family that’s not that big a boost.”

    Charlie Tinling, a CFP with Winnipeg’s Tinling Financial, isn’t impressed either. He says the budget addresses single-income families, but not double earners. “There wasn’t much said in there. With both people working it means nothing to them.”

    His biggest concern is the lack of tax cuts for the middle class. “It’s the middle class that supports the country with taxes and they haven’t given anything back to these people.”

    While some advisors lament the lack of big savings, Mews takes a different perspective. She says any savings is good savings, even if it’s only $310. “That’s an extra amount you can put towards a child’s education. As a financial advisor that’s what we like to tell people. Any amount that you save will make a difference long-term.”

    Filed by Bryan Borzykowski (Bryan.Borzykowski@advisor.rogers.com) and Mark Noble ( Mark.Noble@advisor.rogers.com), Advisor.ca

    (03/19/07)
    This Advisor.ca budget coverage is sponsored by:

    Bryan Borzykowski and Mark Noble

  • Old age benefits
  • Some boosts for small companies
  • Flaherty takes on regulatory reform
  • TEMPLATE LETTER — To Clients/Prospects: The 2007 Federal Budget and your financial plan

    Back to main

    Though Stephenson says the RDSP has “real potential,” she says the government should have considered investing more into disability programs.

    While many advisors are pleased that the budget addresses families with disabled children, overall they’re not thrilled with Flaherty’s announcement.

    “I was expecting more,” says Stephenson. “I don’t think it lived up to the hype and I don’t think our clients will think so either. It might buy a family a laptop.”

    She says several tax savings, such as the child credit tax of $2,000, which would save up to $310 per child, and the phasing out of the marriage penalty, arn’tenough to help the middle-class family. “If (our clients save) $800, I’m sure that even for the average Canadian family that’s not that big a boost.”

    Charlie Tinling, a CFP with Winnipeg’s Tinling Financial, isn’t impressed either. He says the budget addresses single-income families, but not double earners. “There wasn’t much said in there. With both people working it means nothing to them.”

    His biggest concern is the lack of tax cuts for the middle class. “It’s the middle class that supports the country with taxes and they haven’t given anything back to these people.”

    While some advisors lament the lack of big savings, Mews takes a different perspective. She says any savings is good savings, even if it’s only $310. “That’s an extra amount you can put towards a child’s education. As a financial advisor that’s what we like to tell people. Any amount that you save will make a difference long-term.”

    Filed by Bryan Borzykowski (Bryan.Borzykowski@advisor.rogers.com) and Mark Noble ( Mark.Noble@advisor.rogers.com), Advisor.ca

    (03/19/07)
    This Advisor.ca budget coverage is sponsored by: