Boutique credits stretch tax code to the length of 5 football fields
Tax code now includes more than 120 boutique tax credits
The Canadian tax code now contains more than 120 tax credits, and there seems to be no end in sight, as the promising of "boutique" tax cuts has become a staple of the modern election campaign.
Instead of focusing simply on an across-the-board tax reduction, the Conservatives have targeted particular segments of the electorate — and other parties have followed suit, most recently with the Liberals promising teachers a break on school supplies.
- Complex income tax system costing Canadians: study
- Stephen Harper promises new tax credit for single, widowed seniors
- Stephen Harper unveils tax credit plan for service club memberships
- Justin Trudeau's tax credits: Does he think teachers are special?
There is something for everyone — volunteer firefighters, snowmobilers, service club members, commuters, and parents who use child care or enrol their child in sports, among many others. Stephen Harper recently unveiled a tax credit for single, widowed seniors.
But all of these boutique tax credits have made the Canadian tax code a behemoth. As the CBC's James Fitz-Morris recounts in the video above, if you laid every page of the tax code end-to-end it would stretch more than five football fields. Yikes.
While it might seem like you're saving money with these new credits, it has also made filing your taxes a whole lot more complicated.
The total cost to Canadians of filing taxes? A cool $6 billion a year, according to the Fraser Institute.