All items tagged with: history of income tax
Posted in: Strategic Thinking , Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, CPP, tax education, financial education, history of income tax, tax history, online education, War Income Tax, Canada’s income tax, federal tax, middle income
The first tax returns of the year will be processed on February 26 this year. February 28 is the last day to catch up your filings and preserve appeal rights under the old Voluntary Disclosure rules that allow for full interest relief. That means tax deniers or procrastinators must step up now.
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National income tax is such a given in western economies that we lump it in with death as being unavoidable and portray the “Taxman” as some kind of grim reaper. But, in reality, federal income tax is a fairly recent invention — in Canada, we’ve just now reached the 100-year anniversary of the practice.
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The 100th anniversary of personal income tax is coming up on September 20! On that day in 1917, The Income War Tax Act received Royal Assent, heralding in the first personal income taxes in Canada. Perhaps it’s high time you tackled the challenge and mastered the tax return and all it’s nuances? It’s an investment that could really pay off for you.