Canadian taxpayers are missing out on tax credits because of the complex tax system. A new report from Charles Lammam of the Fraser Institute shows that with 120 different credits that can be applied for many do not, which costs them hundreds of dollars. Those who do get the credits they are entitled to generally use professionals to help them. The solution according to the report is to cut the current four-tax-bracket system down to just two. The Fraser Institute suggests a rate of 15 per cent for income below $138,586 and 29 per cent for income above. Many tax credits would be scrapped in favour of lower taxes for most.
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