It is nice to receive a cheque from the government but a tax refund is not good, because you are only receiving your own money back. Your tax refund is money you have overpaid the government during the year. You want to pay the right amount of tax during the year, rather than give the government an interest-free loan.

given the litany of taxes levied on us by the three levels of government, it is nearly impossible to get a sense of how much we truly pay. That's why in a recent report we calculate and track the total tax bill of the average Canadian family from 1961 to 2012.

Most people would agree that you shouldn't have to pay someone else's tax bill. Despite all of the myths surrounding tax filing, this one is actually in accordance with Canadian law. If a relative of yours were to die owing money, you have no obligation to pay their debts. It doesn't matter who they are, parents, siblings, aunts or uncles. If they have spent all their money, and die having nothing but debts, you're in the clear. However, unlike people whose debts die with them, a government's debt is carried forward forever (or until it's paid off). As we move through time, we're getting closer and closer to the point where it will be impossible to "clear our tab."

The response to such tax facts is usually this cliché: "Taxes are what we pay for a civilized society," this from the American Supreme Court Justice, Oliver Wendell Holmes Jr., in a 1927 case. Right, but as a percentage of the economy, government spending was much lower in 1927 compared to 2013. One cannot endlessly extrapolate that "taxes are good for you." Not any more than it is useful to overdose on pharmaceutical drugs just because one pill helps kill some pain. Or to propose that because one glass of wine has healthful effects, then a dozen drinks must be even better.

On an individual's death, a new taxpayer is created. The estate trustee is responsible for tax on income earned by the individual up to the date of death. All too often, an estate trustee will begin administering the deceased's assets, only to realize that the deceased had failed to properly file and pay taxes during the later years of his or her life.

If you don't pay your taxes, Canada Revenue Agency will send you letters asking for their money. They won't give up, and if you owe a large amount and don't pay, they have the power to freeze your bank account, garnishee your wages, and put a lien on your house.

I wish we could call a "time out" for politicians. Wouldn't it be great if we could send them to some dark room in Parliament and make them think about what they're doing? I'm talking about the tax you pay on your RRSP and all other types of investment accounts. Tax on TFSAs, RESPs and RDSPs. Yes, you're reading this correctly.

Canadians spend more money on taxes than basic necessities, according to a report by the Fraser Institute. Roughly 43 per cent of an aver...

Filing your tax return may seem like an unnecessary task if you earned little to no income during the year. Or if you are expecting a refund, your attitude may be that there is no rush to file by the April 30 tax deadline. However, there are some very good reasons to file your tax return on time every year.

Our view, which we developed in a recent study entitled Tax Payers and Tax Takers, is that tax relief that results in larger and larger shares of the population being exempt from paying any meaningful taxes leads to more demand, not less, for government.

It is amazing how much your life can change in the span of a year. Perhaps you graduated and are now working full-time after moving to a new place. Or you bought your first home. All these events are exciting but they can also make tax time a little more complicated. Understanding how they affect your taxes is the key to maximizing your savings.

even with only one or two slips, you should still be aware of the deductions you can claim. And even if you don't claim them on your 2012 return, they could help next year. And that's what paying attention to these overlooked deductions is about: keeping a little more money in your pocket.

No matter how your academic career ends, there comes a point when you join the workforce and (hopefully) start earning a regular paycheque. Earning income means you have the privilege of paying income tax. It may not be your first thought, but tax planning is an important part of a financial plan.