If you're not familiar with the term - here's the link in wikipedia Tax Freedom Day
Canada's Tax Freedom day is calculated by the Fraser Institute.
It's a shame that many of the Canadians that don't know the rules of the money game are still overspending in taxes that they can be mitigating, reducing, or avoiding (not evading). Simple tax savings strategies can be implemented by just taking a closer look at your mortgage practices, or consulting with your accountant on the benefits of having a small home based business with legitimate expenses.
When it comes to dealing with the tax man, it's what you know, or what you don't know that makes the difference between being able to be a success. Some of you might remember when Tax Shelters were a major portion of my business (they're not anymore) but proper utilization of a Tax shelter would still allow you to come out ahead if you're smart with your money.
If you're really interested in taking the first step here are the basics:
1) Take a look at your current mortgage - is it tax deductible? If not, talk to a trusted financial planner or adviser on methods how to make it such. Be sure to get some different opinions as not all tax deductible mortgage strategies are equal.
2) Talk to your accountant as to what types of expenses are allowed or disallowed and calculate what your average savings would be if you were to open your own home based business. In terms of the home based business, make sure it's something that you actually do enjoy and would like to work on to build the business as it's not just for the tax savings, but a vehicle to produce more income for you over the long term.
Those two steps alone will save the average Canadian 3 to 5 thousand dollars a year. It's not all 37k, but it's a start.Thanks for reading,