Thursday, February 11, 2010

Family With Children Tax Deferral Program

Tax Deferral For Young Families

A new measure announced in the Throne Speech to help people cope with ever increasing taxes, is a new tax deferral program.

Under the program families with children under the age of 18 would be allowed to defer their property taxes and the Provincial government would pay the municipal government.

Similiar provisions already exist for seniors and hardship cases, however, it should be noted this is not a tax relief program, as the taxes will accrue interest and have to be paid eventually.

Anyone with a low equity mortgage could easily find themselves behind the eight ball after a few years and simply have to walk away from their homes as their tax debt accumulates. Finding a mortgage company comfortable with this idea could also be a problem for your credit rating.

This is not a very well thought out idea and really speaks to the fact that governments have finally pushed taxes to the point where the government will have to start paying the taxes themselves!! Of course, that is nonsense as the government does not have any money of it's own.

Remember, this provincial government is the one that made it illegal to run a deficit budget, and when they found they could not abide by the law, they had to change the law.

If municipal governments don't quit spending like drunken sailors, pretty soon, no one except civil servants will be able to pay taxes. Of course the civil service is paid from taxes so it could become a sticky wicket.

Rather than deferring taxes, SIMPLY QUIT SPENDING MONEY YOU DON'T HAVE!


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