Spring is the season to reflect on what we pay for through our taxes. We have a new federal Budget coming on April 19, when the government tells us what they will pay for to make our tax system “fairer”, code for increased taxes. Check the Budget document to see how many times the Minister uses derivatives of the word “fair” in her Budget speech. Meanwhile, individuals should focus on their filing deadlines, April 30 and June 15.
Lest we forget: “Taxes” are compulsory unrequited payments to the government. They are “unrequited” because the benefits that governments provide taxpayers are not normally in proportion to their payments. The term “tax” does not include fines, penalties and compulsory loans paid to government. However, the government also uses them in exacting money from individuals.
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