Taxes

It seems like every year we get collective amnesia as tax season rolls around. It's like we've all forgotten how much we hate it.

We grumble as we reflect on how much of our hard-earned cash is deducted from our paychecks but at least the rationale for income tax is pretty straightforward: as a society we have to pay it in order to maintain a decent standard of living.

What really drives us all nuts are those taxes that are not at all clear, and just seem downright unfair. In honour of tax season, here are the top five most irritating money grabs:

PHOTO GALLERY: Click image below to see "The Five Most Hated Taxes."



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It's tax time again, and that means it's time for another Walletpop contest!

H&R Block Canada wants to give a few lucky WalletPop Canada readers a free version of their H&R Block at Home software so you can do your taxes at home and on your own time this year.

Starting March 16, 2012, we'll be giving away one FREE version of the software each week until April 27, 2012.

In order to win all you have to do is either (a) follow us on twitter at twitter.com/walletpopcanada and retweet our posts using #wallepoptax or tell us a really silly tax story on our Facebook page (facebook.com/walletpopcanada).

AOL CANADA CONTESTS
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1. ELIGIBILITY: AOL Canada Contests (the "Contests") are open only to individuals who are legal residents of Canada (excluding Quebec) and are 18 years of age or older. Employees of H & R Block and AOL Inc., its advertising or promotion agencies, those involved in the production, development, implementation or handling of Contests, any agents acting for, or on behalf of the above entities, their respective parent companies, officers, directors, subsidiaries, affiliates, licensees, service providers, prize suppliers any other person or entity associated with the Contests (collectively "Contest Entities") and/or the immediate family (spouse, parents, siblings and children) and household members (whether related or not) of each such employee, are not eligible. All Canadian federal, provincial, and municipal laws and regulations apply. Void in Quebec and where prohibited by law.

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7. REQUIREMENTS OF THE POTENTIAL WINNERS: Except where prohibited, the potential winners may be required to complete and return an affidavit of eligibility and liability/publicity release (the "Affidavit/Release") within seven (7) days of being notified. If a potential winner fails to sign and return the Affidavit/Release within the required time period, an alternate entrant will be selected in his/her place in a random drawing of all entries received. Potential winners will be required to correctly answer a time-limited mathematical question to be administered by email/mail in order to receive the prize. By accepting a prize, winner consents to the use of his/her name, image, likeness, photograph, voice, and biographical material for advertising, publicity and promotional purposes by Sponsor, and its designees, including but not limited to the posting of winner's name or other online announcements, without additional compensation, except where prohibited by law. Limit one (1) prize per household per Contest.

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9. GENERAL CONDITIONS: In the event that the operation, security, or administration of the Contest is impaired in any way for any reason, including, but not limited to fraud, virus, or other technical problem, the Sponsor may, in its sole discretion, either: (a) suspend the Contest to address the impairment and then resume the Contest in a manner that best conforms to the spirit of these Official Rules; or (b) award the prizes at random from among the eligible entries received up to the time of the impairment. The Sponsor reserves the right in its sole discretion to disqualify any individual it finds to be tampering with the entry process or the operation of the Contest or to be acting in violation of these Official Rules or in an unsportsmanlike or disruptive manner. Any attempt by any person to undermine the legitimate operation of the Contest may be a violation of criminal and civil law, and, should such an attempt be made, the Sponsor reserves the right to seek damages from any such person to the fullest extent permitted by law. The Sponsor's failure to enforce any term of these Official Rules shall not constitute a waiver of that provision. In case of a dispute as to the owner of an entry, entry will be deemed to have been submitted by the authorized account holder of the screen name from which the entry is made. The authorized account holder is defined as the natural person who is assigned to an e-mail address by an Internet access provider, online service provider, or other organization responsible for assigning e-mail addresses for the domain associated with the submitted e-mail address.

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Parents with children in sports programs with fees have been able to benefit from a tax credit for many years.

It used to be the credit covered physical fitness activities only. Now, the credit has been expanded. Parents whose children are active in paid artistic, cultural, recreational, and developmental programs will be getting the same benefit.

Think you know everything you need about retiring? You probably don't according to a recent TD Waterhouse poll. The poll found that Canadians still believe certain myths about debt, saving and retirement.

Eighteen-year-old Bobbi Kristina Brown's troubled life took a turn for the worst last Saturday when her mother, Whitney Houston, died tragically in a Beverly Hills hotel room. With her dear and talented mother gone, let's hope that a trust fund was left behind as part of the songstress' legacy.

Some people might automatically assume that Bobbi Kristina will be a trust fund baby because of the wealth of both her famous parents. To date it's hard to put a figure on Whitney Houston's financial worth, however, at one point she sold over 200,000 million albums and singles. For a time she was one of America's wealthiest women, in fact, she was listed third, just after Oprah Winfrey and Barbara Streisand. That's no surprise considering the extraordinary singer had signed a $100 million record deal in 2001. Alas, that was a long time ago.

Can you spare $157.3 million dollars? No? I didn't think so. According to Statistics Canada that's what individuals and unincorporated businesses spent in 2010 to prepare and file their taxes. The worst part is some Canadians shouldn't have to pay a penny.

Who can get help
If you are considered to be a low-income wage earner you could be eligible for free tax preparation. Many not-for-profit agencies, such as the United Way provide core funding to community organizations so that they can offer free tax clinics. Some organizations have an individual income cut off of $25,000 and under, or a family income of $35,000 and under. Many of these tax clinics will open by the end of February.

Usually when you enter the muddy waters airline fare pricing, things can get confusing.

What you see is not always what you get and the surcharges left out of the advertised bottom line can seriously impact what you end up paying for your ticket to the sun -- and not in a good way. But things are looking up for Canadian travelers.

Air Canada and Porter Airlines Inc. announced last week an all-inclusive airfare policy when it comes to their print ads and websites.

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Aging is not for sissies. Not only will your body start reminding you of all of those merry days and nights when you ignored it, hoping faintly you could do so for ever and with impunity. Your income will change dramatically, too.

Now what? Well, you have a simple choice: accept it, sit down in your rocking chair and wait till death do us part. Or, on the other hand, you will NOT accept it and live life to the fullest. You will find that – theoretically, at least – you ought to have much more time to live life to the fullest now that you don't have to be in the office from nine to five. Guess what? You're barely coping.

That's called the Parkinson's Law effect: work (or any other activity, for that matter) fills the time that is available. (You should obtain a copy of the law in any good bookstore. You won't regret it. It will add more laugh wrinkles to your face, and these are the best wrinkles one can have.)

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The Mitt Romneys of the world not only pay less tax than the rest of us, (he paid about 17% on his millions according to reports this week), but their savvy extends to tax havens where they can save even more. Tax-free zones from the Caymans to lesser known spots like the Cook Islands, attract wealthy individuals like bees to honey.

Click on the photo below to find out where the 'one percenters' salt it all away.