Amending the Excise Tax Act part 1

The federal government's plan to amend the Excise Tax Act, which includes the definition of "financial services," should be stirring people up everywhere! The proposed changes could cause people to pay extra fees for managing investments, broker fees for stocks, bank fees and more. As the majority of Canadians do not have enough for retirement already, this change would make it even harder to obtain retirement for many Canadians. This plan to amend the act would also cause many people in the financial industry to have to make drastic changes in all their reporting and cash flow activity. The Investment Counsel Association of Canada (ICAC) is urging the government to reverse its plan, saying that the modification would impose a "burden of paying more tax for professional investment management services on Canadians at a time most cannot afford it.” This change could also affect people’s Pensions, Retirement Savings, and more!