Posts by Kim

The vast majority of Canadian accountants only have a very basic understanding of income tax law. Practising taxation is not for the faint of heart. The Income Tax Act is, by far, the largest statute (and likely the most complex) in Canadian law. It’s fair to say many Canadians believe that most accountants understand tax.…

Tax planning shouldn’t occur just before the deadlines; it needs to happen at least monthly. At this time of year, there’s no shortage of “year-end tax-planning tips” that show up in articles, social media feeds and your email. It’s like clockwork: such articles magically appear from about Nov. 1 until Dec. 31 every year. And…

Decades and decades ago, Canada made a deliberate policy choice to use our taxation system to help encourage philanthropy. Such a choice included providing tax-exempt status for registered charities — and tax incentives for donors to make gifts to such organizations — and non-profits. During Canada’s one and only comprehensive taxation review (from 1962–1966), The…

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: Equity: the taxation of persons should be proportional…

“Tax the rich” has been a popular rallying cry for many people who feel victimized, entitled or have a weak understanding of how Canada and other countries tax their residents and redistribute income.The phrase has for decades been good politics for many left-leaning politicians and political parties who use it, or something similar, to capitalize…