From the Canada Revenue Agency’s “Employers’ Guide Payroll Deductions and Remittances T4001(E) Rev.15” :
You should advise part-time employees that it could be beneficial to have more income tax deducted from the remuneration they receive. In this way, they can avoid having to pay a large amount of tax when they file their income tax and benefit returns, especially if they have worked part-time for different employers during the year.
Because i) God forbid people with multiple part-time jobs realise just how badly they’re being fisted by the theftocratic buttchuggers in Ottawa when they have to pay the whole lump sum of their “fair share” all at once in April, ii) God forbid that an employee earns interest, however modest in these hyperinflationary times, or makes an investment using their hard-earned monies before the taxman cometh, and iii) God forbid the CRA can actually be bothered to come up with an explanation other than “reasons.”
Fucking cunts.
I hope you pay your auto-mechanic in cash.
I hope you pay your mom in cash.
I have friends who like to use their tax return as a “savings account” for big purchases, they have the maximum withheld each paycheck so their tax return will be big and then they use it for some big purchase or extravagant vacation every spring. Because putting money aside in an actual savings account is too hard.
I, on the other hand, take the opposite approach: I have my company withhold the absolute minimum each paycheck ($0 for Federal!, some gets taken for State, MI has a flatter tax scheme than the USG). I figure if I get in a bind it would be nice to have that money in an account I can access.
The socialist mind always and everywhere thinks that the state is a better administrator of capital than the individual. The kicker is, if that’s what they think, they’re right.
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Even worse, when your corporation starts to make some decent money, the CRA requires you to pre-pay your taxes, based on the previous years revenue. If you don’t, they charge you interest! Ridiculous!
Sure, but the rate on overdue payments is only 5%. Anyone investing in Bitcoin or even, say, Russian bonds would be well advised to pay no more than annually, if at all.
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