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A Brief History On The Unpleasant Subject Of Taxes - Tax


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Taxes are compulsory expropriations levied to support necessary
government expenditures. The law is complex, and the government has
large budgets to administer it. Tax disputes are expensive and
often involve protracted litigation. Hence, most persons consider
tax an unpleasant subject . However, they are necessary
for the public good and to maintain the rule of law in a democratic
society.
Historically, taxes had some religious significance,
particularly in ancient Greece and in the Roman Empire. We see this
in the Brancacci Chapel in Florence, where the fresco ....

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Opinion: Canada should allow joint tax filing for spouses


Opinion: Canada should allow joint tax filing for spouses
Special to Financial Post
© Provided by Financial Post
Canada still taxes individuals, while other countries have moved to taxing family income or combined spousal income.
Since the advent of the personal income tax in 1917, Canada has taxed individuals. Each Canadian resident files a tax return and pays tax computed on a progressive rate schedule the higher the income, the higher the marginal rate. Neither spousal status nor combined family income matters: each individual is taxed separately.
This can lead to unequal treatment of families, depending on how their household income is earned. For example, a married couple in Ontario in which each partner earns $75,000 pays about $15,300 individually ($30,600 total), while a couple (or a single person) with the same $150,000 income earned by one individual bears a much heavier $42,000 tax burden. And the unfairness compounds for fam ....

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Consider capital gains planning to save tax


The Globe and Mail
Published January 7, 2021
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I get a kick out of listening to comedian Avi Liberman, who has been concerned that his tax preparer might be too aggressive. “Avi, did you go to China last year?” his tax preparer asked. “No, I haven’t been to China,” Avi replied. “You ever eat Chinese food?” was the next question. “Yeah,” Avi replied. “That’ll work,” his preparer said. “Now, do you have any pets that talk, like a parrot?” Avi was asked. “No, I don’t,” Avi replied. Too bad, it seems his tax preparer might have claimed it as a dependant. ....

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