Adrian Mastracci, president of fee-only KCM Wealth Management, says "On September 20, 1917, exactly 85 years ago today, Canada's income tax system was born. Mind you, it was a temporary tax to pay for World War I."

For Immediate Release

Vancouver, BC (September 20, 2002): This day in history is a date worth remembering for Canadians.

All together now, lets sing! “Happy birthday to…”

On September 20, 1917, exactly 85 years ago today, Canada’s income tax system was born. Mind you, it was a temporary tax to pay for World War I. And it was to be reviewed in a few years.

Well, it has been reviewed a number of times since then. Perhaps, too often. Up until 1949, the income tax return was a scant one page. Then, in 1950, the evolution of the income tax return as we know it today began in earnest.

Somewhere along the line, however, someone must have changed the meaning of temporary. Oops, they just forgot to advise the dictionary and thesaurus people. At least, mine have not been revised. Are yours?

Hence, if you're asked to explain or agree to something temporary, be aware that it could be an 85 year stint.

NOTE: The information provided above is intended for general informational purposes only. It does not constitute advice for anyone's specific situation. Everyone should always first consult directly with their advisors to determine the appropriateness of any information contained above before taking any action. KCM Wealth Management Inc. assumes no responsibility for any loss or damage arising from the use of, or reliance upon the above information.