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Evelyn Jacks is trying to keep the government’s hands out of your pockets.
Jacks, author of the newly revised Essential Tax Facts and Make Sure It’s Deductible, says that Canadians are paying too much tax and she is here to help.
Jacks says the average Canadian, even those in the lowest earning bracket, is going to pay 25 per cent of their earnings in taxes — more than they pay for food, clothing and shelter.
“It’s a staggering amount,” says Jacks, who says if you cut 10 per cent of your spending and put that towards RSP contributions, you will save significant cash.
The reason why many people are paying too much tax, Jacks says, is because they don’t budget well, are in debt and practise poor buying habits. “People like to think about their tax refund as a plasma TV,” she says.
Jacks’ two books, which help the individual and small business owners, offer ways to help save money.
Both books provide chapter recaps and examples of how to file taxes in a stress-free way.
The best feature of Essential Tax Facts is the square box on each page with a helpful new tax fact. The book is divided into five sections of essential facts for individuals, employees, new investors, wealth preservation and singles and seniors.
In Make Sure It’s Deductible, Jacks shares her knowledge with small business owners on how to maximize deductions and reduce taxes.
Difficulties arise, Jacks says, when there are changes in the tax system and in our personal lives, and often those factors collide, making it difficult to file our taxes correctly. “When there are major changes in life, there are tax implications,” she says, citing marriage, moving and medical problems as examples that affect how much tax you pay. However, she says it is up to us to keep ourselves informed of how our lives affect how much money we give the government.