It’s time for a comprehensive tax review, not just one to look good. Adam Smith, the Scottish economist and philosopher, laid out his thoughts on what the four basic tenets of a good taxation system are in The Wealth of Nations, his 1776 landmark writing, as follows:

1. Equity: the taxation of persons should be proportional to their ability to pay;
2. Certainty: the system should be clear and transparent;
3. Convenience: the timing and system of payment should be convenient for taxpayers;
4. Economy: the costs to administer and collect taxes should be minimized.

Read the full Financial Post article here.