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Financial Freedom Is Merely Organized Common Sense
The Tax Experience
The Fraser Institute recently published information on the Canadian tax experience. If you look, it is about meaning more than information, and that is good.
There is a useful summary in the Globe & Mail here.
Canadians spend more on taxes than on food, clothes and housing, study finds
In total, not individually. Taxes are huge and mostly unmanaged.
Average family income is up 13.5 times in 50 years. Taxes up 18.3 times. Housing up 13.8. Clothing just 6.2 times and food less than 5.5 times.
What you lose to the government cannot be used in any other way.
If you try to manage tax, even a little, there will be advantages. Do not treat your tax bill as immutable. It is almost, but not quite, rigid. Even a little management helps.
Consider this quote from John Maynard Keynes:
“The avoidance of taxes is the only intellectual pursuit that still carries any reward.”
Take it to heart, do not give up too easily.
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Don Shaughnessy is a retired partner in an international public accounting firm and is presently with The Protectors Group, a large personal insurance, employee benefits and investment agency in Peterborough Ontario. Contact: don@moneyfyi.com
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