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The study challenges the Fraser Institute's assertion that Canadians pay upwards of 40 per cent of their income in taxes.
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Leading up to the Federal government's 2017 budget, there was speculation about an increase in the tax on capital gains. The current tax exemption is disproportionately beneficial to the wealthy, and it has little in the way of general economic benefits. Only half the value of capital gains is currently taxed.
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The underground economy is toxic. It costs jobs, makes it harder for above-board businesses to compete and ruins faith in our tax system. It can also leave you holding the bag when you get sub-par results or someone gets burned in a cash deal. But there is something we can all do, and it's simple.
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The premier said that the new tax on home heating fuels and gasoline is necessary because Ontarians are "very bad actors in terms of our per capita emissions." That's right, the new tax on keeping your family warm in the winter and on your daily commute to work is because Ontarians are "bad actors."
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Go on and boycott Nestlé. Here's a handy guide to all their products. But realize that despite Nestlé being a bad corporate citizen and the world's biggest bottler of water, boycotting them will not solve the problem. The issue isn't just bottled water, it's that we allow companies to drain our water table for what amounts to free. It's time to disrupt the entire beverage market's business model, which is to extract an ingredient for basically free and sell it for an absurd amount. We need to charge them a rate for that extraction that serves the public interest.
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At a time when many B.C. taxpayers are struggling under the weight of their heavy tax burden, growing personal debt, and an incredibly high cost of living, our locally elected officials are there to remind us all of how hopelessly out of touch they are.
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The money raised through those taxes will have more impact if it is used to support prevention and counselling than it will by becoming part of general revenues used for various purposes. Second, the taxes will more likely be supported by the public if they are used for these specific ends.
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For many families a cottage is a place of special moments, milestones and memories. However, having a recreational property is not always fun and games -- there are also many costs and responsibilities that come along with ownership, especially when transferring the property to your children.
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By making it easier to navigate the tax rules and meet their obligations, Canadians will spend less time and less of their money on preparing their taxes, leaving more in their pockets. For Canadian businesses, productivity could improve as they spend less time, effort and capital dealing with tax compliance and red tape.
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"There are lies, damned lies and statistics" is the well-worn phrase, but nothing better sums up the recent Fraser Institute scare mongering about taxes being the single largest budget item of Canadian households -- as catchy as the headlines may be, it is alarmist spin. Such biased economic exercises raise a fundamental question: Just what indicators should we be using to keep score on Canada's economic performance?
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Two decades after the introduction of the GST, and after several modifications of provincial sales taxes, the burden of mutual fund sales taxes has gradually become heavier, reaching a point today that is completely out of proportion compared to other investment vehicles.
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They're coming first for your devilish Coca-Cola and Pepsi. But they aren't stopping there. They also want taxes on sugary fruit juice (you sinister Sun-Rype suckers!), and anything else that tastes slightly better than water. It won't end -- because big government types truly believe higher taxes can solve every problem -- there's no evidence it will work.
Albert Einstein once said, "The hardest thing in the world to understand is income taxes." -- you can rest assured that it is not a simple subject. Taxpayers are expected to understand it well enough to be able to make good decisions about our own financial situation. But if understanding basic income tax isn't enough of a headache, the taxes on investment earnings (such as in your RRSP) represent a whole new territory.
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For the past few years, Canadians have been taking advantage of our dollar being worth about the same as the U.S. dollar. From buying up real estate to cross-border shopping, being on par with the U.S. dollar has had its advantages. However, in the last few months, economic factors have driven the Canadian dollar down. It may be time to regroup and look at some strategies to make the weakening dollar work for you.
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Quality, universal childcare is good for kids and it's good for families. It is also good for the economy and the tax base as gainfully employed parents spend their pay cheques and pay taxes. And, access to affordable childcare helps reduce poverty and inequality, meaning that it's good for society.
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You know what they say: nothing is certain but death and taxes. But perhaps the negative assumptions behind this common saying deserve some second thought. Instead of rolling our eyes and gritting our teeth, let's consider how our tax dollars contribute to the common good as citizens first.
The Conservative budget's failure to initiate a process of comprehensive tax reform is a missed opportunity to lift Canada's prospects for long-term prosperity and growth. Tax reform and simplification would improve Canada's international competitiveness, productivity and economic growth, from both a personal and corporate perspective.
The Liberal finance minister assumed that taxes were useful but indeed a loss -- not to government, but to the citizens who pay the tax. Taxes are necessary, but we must be judicious about the money sent to politicians and civil servants. That includes understanding the money first belongs to Canadians.
France's economy saw only a weak rebound after 2009 with real GDP growth rates of about two per cent in both 2010 and 2011 before slowing to a crawl with only 0.3 per cent growth in 2012. In comparison, Canada positively raced ahead, experiencing real GDP growth of 3.4, 3.0 and 1.9 per cent in 2010, 2011 and 2012 respectively.
The key question for the new premier is: will he follow the lead of former Premier Don Getty--and raise taxes as both the premier and finance minister are hinting--or Ralph Klein, who controlled spending and reduced taxes? The answer will affect the fortunes of all Albertans.
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OTTAWA - A Conservative plan to allow Canadians to use income splitting as a tax-saving measure will be just one more example of the federal government financing its policies partly through provincial...
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VANCOUVER - A new study says the average Canadian family was spending more on taxes than on food, shelter and clothing combined.The Fraser Institute study says that in 2013, the average Canadian famil...
The CCF assisted a taxpayer named Irvin Leroux in getting a decision from the B.C. Supreme Court, holding that Canada Revenue Agency (CRA) owed him a duty of care and breached its duty towards him. This was a precedent-setting ruling: never before had the CRA been told by any court that it had a duty towards individual taxpayers to treat them with care, and not to be negligent towards them.
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No one really thinks we should abolish all taxes. After all, how would governments fund important public services that form the foundation of our economy? Think of services like protecting property, b...
"Income tax has made more liars out of the American people than golf," said the American humourist Will Rogers. Indeed, but let's not stop there. In Canada, debates over taxes, government and civilization lead some journalists and others into the land of make-believe.
As Albertans approach another provincial budget, the usual fables about Alberta's finances often crop up. To inoculate ourselves in advance, let's ponder two myths. Myth number one: "Alberta's wealth is a result of luck." This tall tale assumes that the existence of natural resources automatically results in wealth creation, jobs, and a higher standard of living. That's hardly the case. Plenty of jurisdictions have little in the way of natural resources but prosper, while others have plentiful natural resources yet flounder. Let's investigate myth number two: "Alberta is undertaxed."
The trend of governments increasing taxes seems poised to continue in 2014. As of Jan. 1, the federal government increased taxes on certain dividend income, British Columbia raised its health care premiums yet again and introduced a new tax rate for those earning more than $150,000.
This just in: Both in France and in Quebec, the law of gravity holds! As does mathematical reality. Here as there, politicians are just now discovering a fact that some of us have been tirelessly repeating for years: Too much tax kills tax. In France, after having continually raised taxes, politicians are realizing that they have hit a wall.
Health associations have long been calling for a "fat tax"; taxes on foods that some nutritionists and researchers don't want us to eat or drink. Unfortunately, the lack of sound thinking behind vilifying sugary drinks or less healthful snacks has not changed, nor has the blunt, imprecise, and unfair nature of a "junk food" or "sugary drink" tax. Overly simplistic solutions to obesity that vilify an industry or food product are bad public policy. The reality is that "junk food" taxes or sugary drink taxes are ineffective instruments that fail to recognize the complex and manifold causes of obesity. It's time we put the idea of such taxes in their rightful place: the junk bin.
When Manitoba's NDP government delivered its budget back in April, Finance Minister Stan Struthers ruffled some feathers with his announcement of an increase in the provincial sales tax (PST) to eight...
Fact is, Alberta's red-ink budgets have much more to do with real per-capita program spending being near historic highs. This also explains why so many Albertans "hiss" at the notion of a sales tax. To understand why the spending side of the government ledger deserves more attention, consider some statistics about Alberta's program spending, ones that take into account Alberta's population growth and inflation rate.
The idea of a fat or sugar tax in British Columbia continues to pop up like the pesky mole in that old midway game. Unfortunately, it's taxpayers -- and the provincial economy -- that would get whacked by such a tax. Supporters of such a flawed taxation policy should look to Denmark's experience for a textbook example of why it doesn't work.