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As the end of April approaches, many of you have filed your taxes and experienced that moment of truth waiting for the system to calculate whether or not you'd get a refund. According to a recent TD survey, more than half of Canadians are expecting to receive a tax refund this year.
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I'm no friend of the Canada Revenue Agency but it's not for the reason you might think. After all, for fifty years I have faithfully filed an annual income tax return and paid whatever I owed. Although I'm not thrilled about paying taxes, I do so willingly, recognizing that it is my patriotic duty to contribute to the commonwealth.
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Very sadly, large numbers of Canadians are turning their backs on the principles and values I hold dear, the principles and values of which I am so proud. The principles and values that paved the way for my family, and so many others, to have that better life they craved.
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Like many diagnoses of slow growth, the effects of bad government policies often get overlooked. This matters because unlike commodity swings or global forces, governments can actually influence the direction of policy. But in recent years, we've seen an onslaught of growth-hindering policies in Canada such as spending-induced debt increases, higher taxes and increased regulation.
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Tax evaders are using homes to bring money from high-tax jurisdictions into Canada. Since they can't just move fat wads of cash without attracting scrutiny, they've come up with several techniques. Using soft assets that don't have fixed trade values (like homes) is one of the easiest ways to do it.
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The new CPP may also bring some surprising consequences. Some will be good. Obviously for a worker with no pension or a very weak pension, that person now gets a new tier of (modest) benefits. But there are remaining concerns.
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By treating your refund like free money you aren't unlocking its value. Your refund is part of your paycheque, and at the end of the day if you're receiving one it's because you've overpaid your taxes.
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America is a cult. Think about it: a cult is a system of veneration and devotion to a particular figure, object or idea. In this case, the object of veneration is America itself. One of the characteristics of a cult is control of the membership as, for example, by taxing them even if they live outside the country. Another characteristic is shunning as in making it difficult and expensive for members to leave.
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When it comes to acting as executor of an estate, there is no shortage of responsibilities that should be carefully reviewed prior to accepting the role. One of the most fundamental duties is that all estate related income tax documents are filed and in good standing.
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Being from B.C. isn't half bad, either.
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For many Canadians, the biggest single payment they receive all year is their tax refund cheque. How long you'll wait between filing and receiving your refund depends on a number of factors.
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Saying "I do" has an impact on almost every aspect of your life including your tax return. If you've recently tied the knot or plan to in the near future, here are the answers to common newlywed tax questions.
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Dear valued wealthy client: First, we'd like to apologize for corresponding with you directly. We know that you prefer that we communicate with you through your accountants or your esteemed team of corporate tax lawyers.
Alberta has low income tax rates. Other provinces, not so much.