A year ago, I came back to Canada after a three year stint in a tax haven. I wasn’t planning to return, but circumstances change. While I was away, I got used to not paying income tax. It felt GOOD. Paying $3500 rent didn’t feel too good, but after all was said and done, my savings rate was about triple what it is here in the land of Snow and Taxes.
I just did my 2007 income tax return last week, and I was shocked. Thanks for the healthcare, thanks for the great roads, but does it really cost THAT much to run a country?
I’m happy to be in a position where I earn an above average income, and although it’s not six figures, it should be enough to do just fine, given that I am dependent-free. I should be able to save a lot for Freedom 40, but in the year since I’ve been back, my net worth has barely increased. Rob is not happy.
I’m making it my mission to give CRA as little as legally possible. I know how a country can run without income tax, and I don’t feel like paying any more than I absolutly have to. I worked as an employee all last year, with no real deductions possible other than an RRSP contribution. Never again! Now I’m on the quest for the biggest legal tax deductions. I’m starting an online business on the side, and of course, I’m planning on getting into real estate whenever my silly court battle resolves itself. Bring on ‘dem deductions!
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