For students, the month of April is quickly approaching and with it comes not only the stress of final exams but also the deadline for filing your tax return. Of course you need to make sure you're paying what the law requires, but you also want to take advantage of some of the ways that students can reduce their tax bills.
Road levy. Recreation and culture levy. Transportation for tomorrow tax. Dedicated road tax. Asset levy. Make no mistake: we want our cities to invest in infrastructure. Sewer, water, roads; these are core responsibilities of local government. But repackaging this spending with a new tax is a slap in the face.
It's February, folks, and you know what that means. Taxes... Yeah, yeah, Groundhog Day, Valentine's Day, 2016 leap year and all that. But it's also the time of year when people wake up to the fact that, oh crap, tax deadlines are looming, and that they better get their act together to reduce their tax bill -- not to mention their stress level.
While Ted Cruz may be doing everything to prove he is a "natural born" U.S. citizen despite being born in Calgary, his situation underlines how figuring out U.S. citizenship for tax purposes is not as simple as it seems. You can be born in another country, never set foot in the U.S. and still be considered a U.S. citizen.
The Super Bowl and the Oscars are just around the corner. Offices and organizations nationwide are going to be putting out the call to have colleagues, friends and family members make their picks. So, if you're curious about how the Canada Revenue Agency views the tax implications of prizes and winnings, here's a quick refresher.
The lessons to draw from the Danish model are clear, even if they're not the ones Bernie Sanders would like us to draw. The Danes benefited from low taxes in order to get rich, and they remain fairly well-off thanks to a light regulatory touch, but their extensive welfare state is not the great success it's cracked up to be.
If you need to file U.S. taxes, the time to ignore your filing obligations seems to be rapidly coming to an end. After much debate and a court case to try and stop it, the Foreign Account Tax Compliance Act (FATCA) came into effect in 2015 and the first information share between the Canada Revenue Agency and the IRS happened in September.
It may be tempting to pay for certain things in cash because we think that saving a few dollars here and there can't hurt; however, we fail to see the larger impact of what happens when we do. The underground economy makes it challenging to protect the country's revenue base and hinders the government's ability to keep taxes low. When people pay in cash, they skip out on paying the taxes that support things like healthcare, education and public transportation -- the very social services we rely on every day.
After weeks of waiting, we finally know how the Liberals are starting to roll out their tax-related election promises. The previous government was notorious for introducing last minute, retroactive tax changes that it was hard to predict if the new government would follow suit. And now we have our answers.
Companies operating in Canada in 2014 held over $199 billion in "assets" -- unpaid taxes -- in havens like Barbados and the Cayman Islands. Canada is one of the biggest "losers" of corporate tax revenue. The "winner" countries are the ones with low-to-none corporate income tax, such as Bermuda, as well as the super-rich.
"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?
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.