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.

Read: Finance bites back at FATCA criticism

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.

Also read:

Avoid the (new) Kiddie Tax

Email your clients: Estate taxes

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Jack Mintz is right the current tax system is unwieldy – costly – unfair – and easy for fraudsters to manipulate. But rather than a one page return – which would be a new take on on the old system – collecting of income tax. Eliminate all personal and corporate income tax and replace it with a financial transaction tax. The cost of doing business in Canada would decrease by at least 20%. And we could reduce the size of government by eliminating highly paid CRA enforcement people.

Sunday, April 6 @ 8:22 am //////

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