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9 tax-related needs for the brand new yr to place extra money in your pocket


Kim Moody: This want record features a good dose of optimistic tax modifications for all — Canadians want it

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What does a tax practitioner ask Santa for Christmas? Nicely, yearly, I’ve a non-public session with Santa (longevity within the occupation will get you some particular hearings). I make the lengthy, however particular trek to the North Pole and have some sizzling cocoa with the jolly fellow and discuss tax needs. In some years, I get what I ask for, however as a rule Santa says to me, “Oh, come on, Kim … preserve dreaming.”

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With that in thoughts, right here’s the want record I shared with Santa this yr. We’ll see if he comes via. I’m relying on him.

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* A authorities that understands the advantages of and the necessity for Canadian complete tax evaluate/reform, with a key goal being an try to enormously simplify our overly advanced tax statute and administration. Sure, fellow tax practitioners (who typically write to me or chat with me that I’m not being practical about attempting to simplify our system), it’s a protracted shot, however one can dare to dream.

As an apart, Rudolph overheard our dialog and reminded Santa and I about a couple of phrases in his well-known music: “… received’t you information my sleigh tonight.” He was hinting that he needed to steer a tax evaluate if one was ever commissioned. His logic was that if he can lead a sleigh, he can lead a tax evaluate. I informed him to dream on.

* As a part of the above reform, let’s shift the primary taxing unit to the household versus the person. This might get rid of a lot complexity and be honest.

* A discount in Canadian private tax charges. They’re much too excessive and are a drag on our nation’s productiveness and general gross home product.

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* The introduction of a tax designation to make sure that individuals who give tax recommendation in Canada are adequately educated and skilled, in order to guard the general public.

* An elimination of the Underused Housing Tax, which has been an train in extreme reporting and knowledge assortment for no apparent profit.

* Discover a higher approach for Canada to develop taxation insurance policies that profit the nation as a complete. The short-sightedness of our authorities on this division over the previous few years has been illustrated by it growing new taxation guidelines which can be purely political in nature, add to the complexity and are sometimes duplicative. Latest examples embody: the foolish short-term rental proposals to disclaim expense deductions to property homeowners/operators who function in a municipality that prohibits short-term leases; the ridiculous and duplicative “flipping tax” for inclinations of residential properties held for lower than a yr; the terrible amendments to the different minimal tax that can have a big detrimental influence on charitable donations for high-income earners; and the denial of the deduction on dividends acquired for monetary establishments.

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These and different measures all illustrate the necessity for higher taxation coverage improvement.

* The event of tax coverage, at present underneath the only real purview of the Division of Finance, needs to be expanded to be extra inclusive, clear and open. Santa gave me a hearty “Ho, Ho, Ho” and a wink once I requested for this reward.

* A authorities that will get management of its spending to be able to make sure the curiosity prices on the debt don’t equal the quantity of the GST collected in Canada. That’s a ton of curiosity prices that would in any other case be invested in additional optimistic initiatives for Canadians. Or scale back taxes (as acknowledged above). It’s by no means a nasty factor to allow Canadians to retain extra of their hard-earned cash.

* To be able to keep away from lumps of coal in my stocking, I requested Santa to get rid of the carbon tax that’s including vital prices on many Canadian heating payments — besides in Atlantic Canada.

* And, final however not least, a particular tax exemption for any earnings — such because the free cookies and milk — that Santa receives throughout his route. Technically, such cookies and milk is perhaps taxable to Santa and it’s lengthy overdue that this sort of earnings be tax free. I requested for laws to be launched to make this occur.

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Associated Tales

So, this yr when Santa makes his record and checks it twice, let’s hope the “good record” features a good dose of optimistic tax modifications for all. Canadians want it.

Merry Christmas, everybody. I hope all of you’ll have a calming — not taxing — vacation with family members.

Kim Moody, FCPA, FCA, TEP, is the founding father of Moodys Tax/Moodys Non-public Shopper, a former chair of the Canadian Tax Basis, former chair of the Society of Property Practitioners (Canada) and has held many different management positions within the Canadian tax neighborhood. He may be reached at kgcm@kimgcmoody.com and his LinkedIn profile is www.linkedin.com/in/kimmoody.


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