He says a flat tax would increase the incentive for Canadians to work, earn more money and, in turn, invest that money back into the economy. Opponents, on the other hand, say it shifts the tax burden onto lower- and middle-income earners.įor Niels Veldhuis, senior economist with the Fraser Institute, the argument for changing the tax system isn't about burdens but about productivity. People who have been pushing for a flat tax system says it is a simple and fair alternative that, if set up properly, could maintain existing government revenues. But one of the mostly commonly advocated versions would see the complete elimination of all credits, exemptions and graduated rates based on income in favour on just one rate, along with an upfront deduction amount. Proponents say a flat tax system would reduce the time it takes to fill out a return and, for the most part, eliminate the need to consult - and pay - a tax professional like an accountant or lawyer.Ī flat tax can come in a number of different forms of varying complexity (as in all matters tax-related, it seems).
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