The Ontario Liberals recently introduced legislation to create a mandatory government pension plan modelled after the Canada Pension Plan.
As the stress of the April 30th tax filing deadline fades and the shock realization by most Canadians regarding how much income and payroll taxes they pay subsides, its worthwhile considering the costs imposed on Canadians to comply with tax regulations.
All told, governments in Canada expect to collect $586.6 billion in 2013 (fiscal 2013-14). There are, however, significant costs beyond the simple dollars extracted.
Milton Friedman was famous for his one-liners. One of his most repeated lines was: I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. Friedman believed government was too large and intrusive, and that by cutting taxes, the size of government would be reduced.