A Christmas Wish That Only the Tax Man Could Deliver
It is that time of year where the little ones are putting pen to paper or most likely fingers to the keyboard in preparation for their letter to Santa. These youngsters have a task at hand to write out their Christmas wish list in the hopes that Santa is going to bring them at least a few of their much coveted items to be found under the tree on Christmas morning. Now wouldn’t it be really wonderful if we as tax payers could write a wish list for the tax man that would at least give us some relief of a few of our tax burdens. If a wish list such as this were possible, it may go something like this….
Dear Mr. Tax Man,
I have been a responsible adult this year and have done my best to ensure that all of my tax obligations are in order. It has been a tough year financially, and even though my spouse and I both have jobs there have been a lot of extra expenses and we are hardly able to make ends meet. Unfortunately these extra expenses aren’t tax related so they have no impact on my tax situation. If only you could grant my wish for even some of the following, it would make such a difference for us:
- a) I really would love it if there were some type of emergency tax relief that could be utilized once a year for example, when unforeseen expenses arise that go beyond the average living expenses.
- b) I know we live in the world of computers, and the CRA is pushing the taxpayer to attend to their tax matters with this new technology. Believe it or not there are many of us who don’t have and cannot afford computers, nor are we computer savvy. How about a one time tax credit for the purchase of this equipment and a training program so those of us that are not computer savvy can be brought up to speed?
- c) How about spurring our enthusiasm to better ourselves in the business world? I could work a lot of extra hours to put me in a better position for a promotion but I can’t help but think that for every extra hour I work it is just increasing my tax obligation. If the tax rate were capped off at a specific rate I for one would be a lot more enthusiastic about forging forward, and would have no problem paying my share of the taxes as I would be able to afford to do so.
Joe Tax Payer
While this certainly is a dream that is not likely to come true, it is just a fun way of looking at how tax obligations affect each individual differently. This phantom tax payer in the letter has their own ideas of how some tax changes could affect them for the better, but another tax payer may have a completely different wish list.
One thing that is reality is that you can utilize the services of a quality accountant, and although this expert may not be able to fill your tax wish list, they can put their expertise to work for you to get as many tax breaks as possible.