My question is for Mr. Kim Moody, Canada's most colourful accountant. I hope you won't mind me saying that.
He's also one of Canada's best accountants and has been a very intelligent and knowledgeable commentator on matters related to the Income Tax Act.
Mr. Moody, when the government brought in the new tax on split income rules for spouses and adult children, a current and also a former chief justice of the Tax Court said that the complexity would lead to “battle” in the the court system between CRA and taxpayers, and that the judiciary was not sure how it would even interpret these rules. At the time I commented that the government probably spent more money on enforcement and administration than it would collect in new revenues.
Now that these changes have been implemented, what has been your experience with your clientele?