Taxes

Personal Income Tax Compliance for Canadians: How and at What Cost? uses a new survey and finds that roughly half of tax filers (50 per cent) prepared their 2022 income tax return themselves while more than one third (37 per cent) used a paid tax preparer—the study also suggests that one way to reduce these compliance costs is to produce prefilled income tax reports for Canadians, streamlining the process for taxpayers and saving them both time and money.

Canada’s Rising Personal Tax Rates and Falling Tax Competitiveness, 2024 is a new study that finds recent personal income tax rate increases at the federal and provincial levels have helped widen the income tax rate gap between the U.S. and Canada—among all 61 provinces and states, at $50,000 of annual income, the top 10 highest combined (federal plus provincial/state) personal income tax rates are in nine Canadian provinces—with all provinces in the top 15.