Tax System Overhaul to Ensure Timely Income Benefits for All
The tax system in Canada is not just about collecting money; it also helps provide social benefits. However, relying on individuals to report their income accurately can lead to some people missing out on benefits they are entitled to. During events like the COVID-19 pandemic, the tax system may not be able to respond quickly to sudden changes in income. By updating the tax system with pre-filled forms and real-time reporting, the government can better deliver income benefits to those who need them and help reduce poverty.