Thursday, July 25, 2019

Income Taxes

I am always glad when I have finished doing my taxes for the year. The government not only collects lots of money but they make it difficult for you to figure out what it is you have to pay. Even with using a tax program it is not that simple. I no longer know how to do my taxes without a tax program. I follow what I did in the previous and years and also google any changes in the tax system to see if they might affect me.

Another thing is that the government does not seem to be a good steward of our tax money. You do not know how the money collected is spent and there seems to be no why to find out. My governments (Ontario and Canada) are heavily in debt and this is a very bad thing. However, it seems to be a global problem and it is a big one.

I went to a lecture on paying taxes in Ontario. There was only one person in the room that did their own taxes. Everyone else used a tax program or had an someone else to do their taxes. The lecturer said that the Canadian tax code is so complex that no one that he knows of understands all the tax code. He thinks it is impossible for any one person to understand our tax code.

My tax program produces 57 pages of data. I no longer print my tax forms because it is 57 pages. I get a PDF copy and have it on my computer and on a backup disk. I have dividend income and some RIF income. I seldom buy or sell anything. I do not do anything fancy at all. It should not be that complex. To have 57 pages to fill out seem rather excessive to me.

On my other blog I wrote yesterday about Obsidian Energy Ltd TSX-OBE, NYSE-OBE) ... learn more. Next, I will write Dorel Industries Inc (TSX-DII.B, OTC-DIIBF) ... learn more on Friday, July 26, 2019 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

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  1. I have almost always done our taxes, feeling overwhelmed with life I went today and had them done by someone who does this every single day, several times over, I felt great leaving, it cost me yes, but knowing that every corner of the tax system would have been checked and double checked.

  2. I agree. Our tax system is so complicated. I don't understand why either.