When it comes to paying your Canada tax, like most people you look at it as one lump payment obligation to the Government of Canada. What we often forget to remember is that our total tax payments are actually divided between two levels of government.
We usually grumble about not only the fact that we have to pay this money, or how much, but how and where it is spent. A lot of people tend to think that their tax dollars are not being used to their best potential, or are offering any individual benefits.
The question is if this is the case, which level of Government is the biggest culprit? Is it the Federal tax department or the Ontario Provincial tax department?
Taxes are such a big issue with the average Canadian that whenever there is an election coming up more often than not the political candidates will include something regarding taxes, and mostly in a positive note.
During election time it is a great opportunity for you to be pro-active in regards to the way you feel about the tax situation at the specific government level that is going to be affected by the election. You need to look at the tax stance that the official in your riding is taking as well as the party leadership.
You also have to realize that as much as you don’t like having to pay taxes it really is a necessity. You only have a certain amount of control over this but looking at your tax situation from all angles and taking not only the approaches we have mentioned here about being pro-active from a political point of view but others can be of real benefit.
You need to take a close look at your unique to you tax situation. Look for ways that you can reduce your taxes within the law, and what potential benefits are available to you that you may be missing out on.
Tax planning is not just something reserved for the very rich, or only focuses around illegal means. There are some excellent tax planning strategies that can be put in place, but it is better to rely on the advice of a tax expert in this regard like a quality Toronto accountant.
It doesn’t matter whether you have a business, or are an employee, or even retired, there may be several tax saving opportunities available to you that you are really not aware of.
