Author Box
Articles Categories
All Categories
Articles Resources

Finance: Taxed Over Taxes

February 19, 2012 | Comments: 0 | Views: 141

At the beginning of the twentieth century the United Kingdom and the United States had personal and corporate income tax laws. Canada, on the other hand, wanted to encourage immigration and therefore offered free land and a tax-free system as an incentive for people from other countries to make this their home.

The costs of participating in the first World War, however, were so large that Sir Thomas White, who was Minister of Finance at the time, introduced a temporary "war" income tax to help pay the costs.

But this tax was not temporary and, in fact, it has become the largest form of income for the Canadian government.

It's almost a hundred years since we began paying income tax and yet, even though everyone knows that we are required to file our personal claim by April 30th of each year, there are many people who do not do so. The consequences of missing the deadline can be significant penalties and interest at are levied by the government.

Employers and investment companies are required to provide income tax documentation to individuals by the end of February each year. That means that each of us has almost two full months to prepare and submit our income tax return to avoid the penalties.

Why is it then that many leave it to the last minute - or past the last minute - to file? Some state that they are too busy - but we all have the same amount of time. Others state that they aren't organized enough - yet we live in a world that offers us countless systems and professionals to help us get organized. Many state that they don't have the knowledge to prepare the documents or the money to hire someone to do it for them - yet they risk paying more of what they claim they don't already have for the late charges.

Well, there are things you can do right now to take the stress out of tax time:

1. Write a list of all the income sources and amounts you have received in the past year. Include employment, interest, rental, government and contract sources.

2. Gather together all the receipts that you have for deductions that were incurred.

3. Contact organizations to make requests for missing documents such as medical and dental receipts, pension and RSP contributions or charitable donations.

4. Organize the documents so they can easily be written onto the tax form, entered into a computer software package or delivered to an accountant.

5. Set a specific date to do the entries yourself or meet with a professional who will prepare the form on your behalf. (The earlier the better!)

6. Ensure that you have sent everything so that the government has it before the April 30th deadline. (It is better to submit with a letter of explanation about missing items than to wait for the items and miss the deadline).

7. Plan a little celebration!

This year you can take the stress out of tax time by gathering the documents and filling out the forms early. You know it needs to be done and putting it off won't make it any easier.

Why don't you just pretend that the deadline is March 31st instead of April 30th? If you do that, you will be relaxing while those around you are scrambling!

And now I would like to invite you to claim your Free Instant Access to a complimentary list of 10 Steps to Making Your Life an Adventure when you visit

From Dr. Linda Hancock, Registered Psychologist and Registered Social Worker

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Personal Income Tax


Filing Taxes


Income Tax Return


Reduce Stress


Get Organized



The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 303

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 288

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 300

So, you just landed a job with a good company on a decent package. The year went fine, and then you saw your colleagues talking about tax planning and filing of returns. But you are totally clueless.

By: Nishant S Agrawall Finance > Taxes Incomel June 20, 2012 lViews: 216

Is there any difference between a credit and deduction? We hear these words almost every day, but what do they mean? Is one better than the other? How can they affect my taxes and my yearly tax

By: Greg J Olsonl Finance > Taxes Incomel May 22, 2012 lViews: 133

There are many ways that people can minimize their taxes, but it often requires a certain degree of planning. Something that planning even need to take place during the and throughout the tax year

By: Greg J Olsonl Finance > Taxes Incomel May 21, 2012 lViews: 149

Why is it that so many Americans living abroad are behind on their tax filing requirements? The reasons are varied and nuanced, but breaking it down and compiling all the various reasons into a few

By: Horace W Reichartl Finance > Taxes Incomel May 15, 2012 lViews: 151

Be it returns, plans or self-assessments; managing tax affairs can often seem complex and daunting. Yet with millions of people unsure if they are paying too much tax, it is important that we are

By: John T Hughesl Finance > Taxes Incomel April 13, 2012 lViews: 168

I also assert that the accountant's copy of the judgment debtor's tax return is discoverable, because of The Internal Revenue Service Restructuring and Reform Bill of 1998 (HR 2676). This bill

By: Mark D Shapirol Finance > Taxes Incomel April 07, 2012 lViews: 213

Francesca thought that she had made a good decision when she agreed to marry Bard Channing. His business allowed both of them to have a lifestyle that offered every possible luxury.

By: Linda Hancockl Book Reviews > Fictionl April 16, 2012 lViews: 163

So many of the things that we learn about life come through the example shown by our parents. My father died when he was only 52 years of age and that was several decades ago but I still think about

By: Linda Hancockl Self Improvement > Time Managementl April 15, 2012 lViews: 156

Since I was a young child, I have enjoyed hearing stories from friends and relatives about our ancestors and the experiences that they had. My maternal grandmother would say "I am going to tell you,

By: Linda Hancockl Home & Family > Genealogy Family Treesl February 19, 2012 lViews: 167