Auto Added by WPeMatico
Nary a week goes by without me hearing from a reader or client asking for guidance with an inadvertent overcontribution to a registered retirement savings plan (RRSP) or tax-free savings account (TFSA) . This week, for example, an individual shared with me that they were hit with $1,200 in penalty tax for overcontributing by $23,000 […]
Taxpayer wasn’t fast enough to avoid penalty for TFSA overcontribution Read More »
If you own a rental property , you likely bought it because of the monthly rental income the unit would provide, with the hope of ultimately being able to sell it for a profit in the future. Indeed, some landlords are okay with ongoing rental losses (as long as they are not too large) because
Taxpayer loses case to deduct costs and losses while renting to parents Read More »
It’s fair to say most partisan Canadians and their political parties were not thrilled by the results of Monday’s federal election . The surging Liberals did not get their majority (as of press time), even in light of presenting an agenda, from a new shiny face who was not Justin Trudeau, that stoked fear about
Canadians don’t see a unified economic way forward and that’s bad news Read More »
With the party leaders’ debates now behind us, and the federal election just days away , what better time to take a brief look at a few of the more interesting tax policies announced by three of the major parties. Lowest tax bracket Both the Liberal Party of Canada and the Conservative Party of Canada
Golombek: A look at four tax proposals floated for the federal election Read More »
Let’s pretend you want to buy a car for $50,000, but you only have savings of $20,000, so you will need to finance the other $30,000. Now, let’s assume the savings were accumulated from your previous after-tax earnings since your cumulative household expenses were less than your cumulative earnings, and that the interest-bearing financing can
Carney’s ‘spend less, invest more’ marketing catchphrase means more taxes are coming Read More »
Tax-filing season is in full swing, but many Canadians may be missing out on unused tax credits from the past decade because they’re too lazy to claim them. Sixty-five per cent of Canadians are unaware that they can amend old tax returns to claim any benefits they have missed in the previous 10 years, according
Canada’s April 30 tax-filing deadline is fast approaching, but many are planning to delay filing due to confusion over recent tax changes, according to a recent survey by H&R Block Inc. The survey said 29 per cent of Canadians are feeling confused about what they are supposed to claim and 28 per cent are planning
Many Canadians are delaying filing their taxes over confusion with recent changes Read More »
I love studying history. In my undergraduate studies, I made sure to load up on post-Confederation Canadian history courses and it’s truly fascinating to learn how this country was built. Similarly, I am always interested if proposed taxation policies were ever considered historically. More often than not, the answer is yes. There have also always
History shows Liberals’ new housing plan failed the last time it was implemented Read More »
Do you know why deductions are more valuable than tax credits? Here’s a rundown of basic tax issues to understand https://financialpost.com/personal-finance/taxes/jamie-golombeks-primer-on-tax-brackets-deductions-and-credits #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Jamie Golombek’s primer on tax brackets, deductions and credits Read More »
Kim Moody: Canada needs bold ideas right now, not increased spending that is fiscal laziness dressed up as leadership https://financialpost.com/personal-finance/capital-gains-tax-break-for-investing-in-canada-is-a-big-idea-that-makes-sense #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Capital gains tax break for investing in Canada is a big idea that makes sense Read More »
Jamie Golombek: Recent court case an important reminder to make sure you’re comfortable with anything you claim on your return https://financialpost.com/personal-finance/taxes/cra-arrears-interest-donation-tax-shelter #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
CRA demands arrears interest on donation tax shelter bought by ex-husband Read More »
Conservatives say they would allow working seniors to earn as much as $34,000 a year without paying income tax https://financialpost.com/personal-finance/retirement/conservative-savings-plan-seniors-older-canadians #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Here’s what the Conservative savings plan for seniors means for older Canadians Read More »
Kim Moody: If you liked Trudeau’s tax-and-spend, debt-fuelled approach, you’ll love Carney’s because it’s more of the same https://financialpost.com/personal-finance/10-tax-related-policies-to-watch-for-during-the-election-that-would-help-canada-win #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
10 tax-related policies to watch for during the election that would help Canada win Read More »
Jamie Golombek: A recent tax case deemed a wife liable for the tax debt of her husband under the joint liability rule https://financialpost.com/personal-finance/taxes/cra-can-collect-tax-debt-spouses #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
CRA can collect tax debt from spouses under certain circumstances Read More »
Kim Moody: The CRA can’t handle all the confusion and delays about the capital gains changes https://financialpost.com/personal-finance/five-ways-to-make-sure-we-dont-have-another-debacle-during-tax-filing-season #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Five ways to make sure we don’t have another debacle during tax filing season Read More »
Jamie Golombek: Tax Court case illustrates the importance of tracking every tax slip https://financialpost.com/personal-finance/taxes/cra-stupid-mistake-compels-taxpayer-pay-taxes-extra-income #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
CRA’s ‘stupid mistake’ compels taxpayer to pay taxes on an extra $53,258 Read More »
Gordon inherited his dad’s coin collection and sold several $100 ones but doesn’t know how to calculate the capital gains https://financialpost.com/fp-answers/fp-answers-how-is-a-coin-collection-taxed-when-the-coins-are-sold #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
FP Answers: How is a coin collection taxed when the coins are sold? Read More »
Kim Moody: Governments aren’t balancing finances by separating expense and capital budgets https://financialpost.com/personal-finance/carneys-accounting-trick-should-not-fool-anyone-that-the-future-will-be-rosier #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Carney’s accounting trick should not fool anyone that the future will be rosier Read More »
Jamie Golombek: You can claim these expenses if you work at home but for professional not personal reasons https://financialpost.com/personal-finance/taxes/cra-wins-against-remote-worker-claiming-moving-expenses #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
CRA wins case against remote worker who claimed $67,000 in moving expenses Read More »
Kim Moody: Some of these charges are obvious, but many are buried in the fine print of daily life, quietly draining wallets https://financialpost.com/personal-finance/taxes/25-ways-bloated-governments-hurt-your-pocketbook #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Forget income tax: Here are 25 other ways bloated governments hurt your pocketbook Read More »
