May 23, 2018 - Not Income, Property

The annual income tax return, what's it all about?

Think about it as I simplify the process.

They give you a blank form. On that form they are asking you to divulge all your income. You divulge your wages thereon, thinking that its income, and then giving them permission to take a portion of your property. Finally you sign the form, a contract, and send it back to them with a cheque to cover the portion of your property which you've determined to give them.

Who is at fault?

Not Income, Property

You work the year. In exchange for your time and skills, both your property your employer gives you money (currency actually), his/her/its property. If your property are worth $25/hour to you and the employer gives you exactly that amount or their property then neither of you have profited. It's an exchange, a barter, value for value, property for property. 

A corporation has no time or skills with which to barter, therefore any money it receives just comes inthat's income.

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