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Finance committee  I do have some thoughts. For the members' benefit, I spent 1983 on the research staff of the special Parliamentary committee on pension reform, and that was the committee, among other things, that recommended comprehensive limits for tax assistance for retirement savings. It wa

September 28th, 2017Committee meeting

Prof. Michael Wolfson

Finance committee  It's important to look at the whole transcript. It was a half hour that I was on. First, the entire show was not on family farms. That was maybe five or seven minutes of it. I think that same caller said, “By the way, my kids aren't working on the farm anyway.” He wasn't going to

September 28th, 2017Committee meeting

Prof. Michael Wolfson

Finance committee  I don't know that the family farm still exists in most cases. You may fly over a parcel of land that looks like one farm, but it's really a variety of legal structures and parcels spread all over. I also heard a senior Finance official, on Monday during the discussion of this thi

September 28th, 2017Committee meeting

Prof. Michael Wolfson

Finance committee  As I said in response to Mr. Poilievre's question, I don't know what the pros and cons are. The situation whereby one can have more than one million-dollar capital gains rollover—three, four, five of them—is one concern the finance proposals are addressing. If one had only one m

September 28th, 2017Committee meeting

Prof. Michael Wolfson

Finance committee  The short answer is I don't know.

September 28th, 2017Committee meeting

Prof. Michael Wolfson

Finance committee  As the chairman has indicated, these are proposals, and I heard a fair amount of discussion Monday of this week at the Canadian Tax Foundation conference about these proposals and my sense is it's not a foregone conclusion that what you've described is what will emerge.

September 28th, 2017Committee meeting

Prof. Michael Wolfson

Finance committee  Good morning. I'd like to thank the committee for the opportunity to comment on the Department of Finance proposals, and also thank the staff for their last-minute translation of the three tables and charts I'd like to use. I would like to focus my remarks on two questions. Br

September 28th, 2017Committee meeting

Professor Michael Wolfson

Finance committee  I agree. I actually simulated some options like that, where I'm saying, look, if we're going to have a guarantee, why have a 50% effective tax rate on the first $6,000 or more, which, with the provincial top-up, claws back a large part of what the private sector is doing with wor

June 1st, 2012Committee meeting

Dr. Michael Wolfson

June 1st, 2012Committee meeting

Dr. Michael Wolfson

Finance committee  Well, you can't get away from some clawback. There's going to be an effective marginal tax rate somewhere in the system.

June 1st, 2012Committee meeting

Dr. Michael Wolfson

Finance committee  But what I would really feel much happier about would be if somebody were actually looking at it comprehensively as a system and doing the analysis. The tools exist to do that. One way or another, there's going to be an effective tax rate, whether it's a GIS reduction, or an OAS

June 1st, 2012Committee meeting

Dr. Michael Wolfson

Finance committee  No, I wasn't thinking of that specifically. In fact, I invented the RRIF, in 1980, and I can tell you the story, if you want, about why I did that. The kind of cacophony that one sees, where you have to mature your RRSP by age 71; CPP, you can claim at 65, plus or minus five yea

June 1st, 2012Committee meeting

Dr. Michael Wolfson

Finance committee  There should be flexibility. I agree with Keith on that. We can think of a band, whether it's from 60 to 70, or 62 to 72, or eventually higher than that; that's fine with me. But we should be thinking of a band and coordination and integration. Employers have plans that alread

June 1st, 2012Committee meeting

Dr. Michael Wolfson

Finance committee  The short answer is that I don't know because it's a projection. But just back on the business about information, I'm afraid, folks, that the government is behaving in a way that seems to imply that it doesn't care as much about evidence. It knows what it wants to do.

June 1st, 2012Committee meeting

Dr. Michael Wolfson

Finance committee  I can't comment on its normalcy because it's been over 20 to 25 years since I was involved in the policy departments, but my impression is that there is a tremendous capacity in this country and in the Government of Canada—at least until I was there—to produce sophisticated polic

June 1st, 2012Committee meeting

Dr. Michael Wolfson