- "Taxman," the Beatles
We appreciated the provocative, tongue-in-cheek panaceas that
Michael O'Connor, in the September 2020 issue of this newsletter,
proposed for the broader tax issues facing Canada-challenges that
will only be more difficult to resolve following the pandemic, when
the government needs more tax revenue. Imagine the sound of
O'Connor's soft tenor voice along Elgin Street, singing
"Losing My [Interest] Deduction," his simple love song to
the abolition of interest deductibility for most Canadian
businesses. Then imagine that he follows that up with his recent
YouTube phenomenon, "If I Just Applied the GAAR," and maybe
throws in, for good measure, a musical cure for transfer pricing,
with "My Heart Aches for Formulary Apportionment." Tax
returns will simplify, assessments will amplify, and collections
will multiply. It surely will be the best of all possible
worlds.
