Is Our Canada Tax System Becoming Family Orientated?
Most of complain about the tax system as it pertains to us personally. Some feel that for the family where both adults are working that they are taxed unfairly. Others feel that there are just not enough tax breaks for the single person. Then the business sector feels that the taxes are too high in general for the business sector. Even seniors feel that they are being taxed too heavily.
Now out of all of these tax complaints what is coming to the forefront is that the Harper Government seems to be favoring the family tax situation. What has brought this to the attention of many is the recent announcement that the Government is going to allow income splitting, which truly does seem to focus on the family tax situation. This is followed by the recent increase in the Universal child care tax credit, plus an increase in the child care increased allowable deduction.
This truly all is welcome news by those that have children. The experts however, have raised some valid points. It would seem that everyone with kids is going to benefit but there is no separation between the low income families and those who are financially better off. It has always been a point of contention that there is no comparisons of a taxpayers financial situation when the rare tax breaks like the ones here are put into effect.
It is a point of great interest amongst many as to whether our Canada tax system distributes tax breaks to those who only need it the most.
The question has also been raised as to why all of a sudden the Harper government is making these types of tax moves now. It is true an election is a ways off but then perhaps this government body is trying to get a head start on getting themselves into a good light with the tax payer.
The single tax payer although they have no children which adds additional expenses doesn’t mean that they are living in the lap of luxury either, and don’t deserve some tax breaks. Many of these individuals are working for minimum wage, yet still have high living costs even though they are frugal with their choices.
When it comes to Canadian businesses they can only hope that they may be on the Harper tax favorite list at some point in time in the near future.