What would your practice be like if filing an income tax return was radically simplified? Would you still network with accountants? Would you spend as much time on tax strategies? Would it hurt your bottom line?
In the National Post, noted University of Calgary economist Jack Mintz is proposing a one-page return. He says it’s an idea that’s been around for a while, and it’s more logical than our current system, which is enforced by lobby groups who want special tax treatment and politicians who dole out tax credits in the hopes of scooping up voters.
With a one-page return that simply lists income, RRSP and pension plan contributions, and other basic deductions, Canadians could file a return in minutes and they wouldn’t need an accountant or filing software, he notes.
He also argues the move would eliminate tax avoidance, ditch taxes on savings and help the economy.
For his other reasons to simplify income tax, click here.