Article: Canada’s Outdated Income Tax Act Begs A Top-To-Bottom Review

Although it was published in 2016 this essay by Gabe Hayos, FCPA, FCA, vice-president of Tax at CPA Canada, is worth a read even 3 years later.

As Hayos notes, Canada’s last tax review was completed by the The Royal Commission on Taxation in 1966 and our country has changed a great deal in the last 50 years.

Hayos comments on the significant resources spent each year by Canadians on tax preparation and compliance. Tax reform, he states,

“could promote a fairer and less complex system and provide an internationally competitive tax system that benefits Canadian individuals and Canadian businesses. A simpler tax system brings lower compliance costs, sparks investment and provides administrative savings to government.

By making it easier to navigate the tax rules and meet their obligations, Canadians will spend less time and less of their money on preparing their taxes, leaving more in their pockets.”

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