Filing your tax return is the right thing to do
Did you know there's a rhyme and reason to why you file your income tax return?
It's because it's the right thing to do.
According to the Psychology of Taxes Study by BMO Nesbitt Burns, 52 per cent of Canadians say they file their taxes because they believe its their civic duty.
"Taxes fund critical government programs such as healthcare and education. The study findings suggest that Canadians are keen on doing their civic duty as citizens every tax season."
And no doubt, fear of the Tax Man also plays a role in their motivation with 11 per cent indicating they file an income tax return for fear of being audited if they don't.
The study also found that 94 per cent of Canadians file a tax return annually with 28 per cent expecting a refund, and 22 per cent admitting it gets too complicated if they didn't file one every year.
The study also discovered that of those who did not file a return regularly, 24 per cent said they were too busy; 20 per cent admitted they do not know how to file their taxes; and 17 per cent feel they do not make enough money to warrant filing taxes.
The deadline for filing your personal income tax is coming up on April 30, 2013. Filing your taxes on time can help avoid penalties and interest charges.
That's enough motivation for me to get the task done.
By Donna Donaldson, MSN Money
Do you file your income tax regularly and on time? Why or why not? What motivates you to do so?
Posted by: Maria Rodriguez | Apr 21, 2021 5:02:58 PM
I been hearing that really the governments does not have a constitutional right to collect income taxes because it was started in the first world war temperately and it has never really been made permanent. It is only by common law I been informed by some one that the governments are collecting the taxes. I would really like to know if this is a truth. If it is then how can the governments have such a power to make temporarily permanent and not making it a constitutional law of obligations. Would that be a case that no governments want to admit and deal with it? Or whom ever is telling this is not well informed. It does bother me that they can just go at any times with out any or much notice and playing with the tax structure. We really never going to have an opportunity as individuals to get ahead. They are robbing us from that opportunity. When we think that life have been allowing us to put some money aside for not to be in debt the governments just makes a new tax . They are watching our progress and then they pull the rug out of under us. I just would like to know if they are playing by the rules. If it is in the constitutions that any one who lives on the land must pay taxes I will say I will gladly doing it my self. But, in our country this is not so. Many live on the land and pay no taxes. The government now is saying they are going to make them do so. I am not happy when I know that some one does not pay but I do. And moreover, I am condemning the ways that is makes it possible to have double standards. Thank you for the opportunity to express my feelings.
Posted by: John | Apr 22, 2021 9:26:01 AM
If you are behind and feel you may owe money CRA has a voluntary disclosure program. If you file the application through them BEFORE they come looking then you may avoid interest and penalties. This program is not widely know and I didn't know about it. I filed too late and have been hit with large penalties and interest. Don't let the same happen to you. http://www.cra-arc.gc.ca/gncy/nvstgtns/vdp-eng.html