I continue to support the Canadian Taxpayer organization, a non-profit fighting for us.
For a list of the issues they are fighting for Ontarian’s click here. When reading about government waste, I often became frustrated with the feeling helplessness – donating to this organization allowed me to at least feel I was doing something.
Every tax planning decision you make is based on how it will impact you with respect to your Marginal tax rate. RSP contributions, taxable investment income, whether to take on that extra income, deductible expenses, etc. All of these decisions require us to first know our Marginal Tax Rate and then, the next significant tax bracket below our current one.
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Tax time may not be fun but paying taxes is one of the requirements for the privilege of living in Canada. Canada is a great country and although we may not all agree how our governments spend our money, paying more in taxes than we’d like is the price of democracy and better than the alternative! So we must pay our fair share – but not one penny more. If you are preparing your own taxes this year the website below is a nice intro to get you started:
Knowledge Bureau: Tackling the Tax Return