Taxes

How changes to Canada Pension Plan benefits affect your wallet today and retirement tomorrow

Jamie Golombek: CPP contributions will continue to climb over the next couple of years to support program enhancements https://financialpost.com/personal-finance/taxes/how-cpp-benefit-changes-affect-you-now-retirement #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

How changes to Canada Pension Plan benefits affect your wallet today and retirement tomorrow Read More »

Are High-Yield Savings Accounts Taxed?

Interest you earn from high-yield bank or credit union accounts is taxable as ordinary income. This includes savings or checking account interest and yields on CDs. Some credit unions call the interest paid on deposit and share accounts “dividends.” The IRS considers this taxable interest as well. Here’s how interest income from high-yield savings at

Are High-Yield Savings Accounts Taxed? Read More »

How to fix RRIF withdrawal rules so seniors can stop fearing their retirement savings will run out

Jamie Golombek: Mandated annual withdrawal forces retirees to pay tax on retirement assets before they need to spend them https://financialpost.com/personal-finance/taxes/how-fix-rrif-rules-stop-fears-retirement-savings-running-out #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

How to fix RRIF withdrawal rules so seniors can stop fearing their retirement savings will run out Read More »

How the Child and Dependent Care Credit Can Save You Money

If you’re paying for child care while you work or look for work, you may be able to claim a tax credit to offset some of those expenses. The child and dependent care credit allows workers to claim work-related care expenses for qualifying dependents on their taxes. If your care expenses qualify, your credit may

How the Child and Dependent Care Credit Can Save You Money Read More »

Tax Implications of Co-Owning a House

Home ownership has its tax benefits. The IRS offers certain tax breaks to homeowners who pay mortgage interest and property taxes, upgrade their homes with energy-efficient improvements and more. But what if your name isn’t the only name on the title? Buying a home with your spouse, partner or roommate can bring home ownership within

Tax Implications of Co-Owning a House Read More »

Colorado State Income Tax: Rates and Who Pays in 2022-2023

Virginia state income tax rates are 2%, 3%, 5% and 5.75%. Virginia state income tax brackets and income tax rates depend on taxable income and residency status. Virginia state income tax rates and tax brackets Tax rateTaxable income bracketTax owed 2%$0 to $3,000.2% of taxable income. 3%$3,001 to $5,000.$60 plus 3% of the amount over…

Colorado State Income Tax: Rates and Who Pays in 2022-2023 Read More »

Gig workers, beware: Hiding your side hustles from the CRA is asking for trouble

Around 50% plan to hide some or all of their side earnings from the tax man https://financialpost.com/personal-finance/taxes/gig-workers-hiding-side-hustles-cra-trouble #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

Gig workers, beware: Hiding your side hustles from the CRA is asking for trouble Read More »

What Are Quarterly Self-Employment Taxes?

If you work for yourself, have a side hustle or bring in investment income that obligates you to pay $1,000 or more in federal income taxes, you may have to make quarterly estimated tax payments to the IRS or face a penalty when you submit your annual tax return. Here’s an overview of quarterly income

What Are Quarterly Self-Employment Taxes? Read More »

How to take advantage of the new tax-free first home savings account

Jamie Golombek: Here’s what you need to know about Canada’s newest registered savings plan https://financialpost.com/personal-finance/taxes/tax-free-first-home-savings-account-how-take-advantage #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

How to take advantage of the new tax-free first home savings account Read More »

How Does the Kiddie Tax Work and Can You Avoid Paying It?

Did you know? You may be required to pay tax on part of your child’s unearned income. It’s a provision in the federal tax law commonly referred to as the “kiddie tax.” But how does the kiddie tax work, and are there ways you can avoid paying it? One thing is certain – if you

How Does the Kiddie Tax Work and Can You Avoid Paying It? Read More »

Should You Pay Taxes With a Credit Card?

I like to think I know more about credit cards than the average person. I’ve written dozens of credit card reviews for Money Crashers and personally tried out more credit cards than I’d like to admit. So I was surprised and a little embarrassed to learn for the first time recently that the IRS permits

Should You Pay Taxes With a Credit Card? Read More »

What the federal budget means to your pocketbook

Jamie Golombek runs through the tax measures that directly affect Canadians’ wallets https://financialpost.com/personal-finance/taxes/federal-budget-2023-pocketbook-issues #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

What the federal budget means to your pocketbook Read More »

Single seniors being pushed into poverty appeal for tax breaks

Watch: Jane Robertson talks about why single seniors need tax breaks https://financialpost.com/personal-finance/taxes/single-seniors-pushed-into-poverty-appeal-tax-breaks #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

Single seniors being pushed into poverty appeal for tax breaks Read More »

What is TPG Products SBTPG LLC & Civista Bank?

Did you get a deposit into your bank account from TPG PRODUCTS SBTPG LLC? Or just TPG Products? Or some version of that? And did the deposit come from Civista Bank? A bank that you’ve never heard of? If so, you’re probably wondering why because the name is acronym soup and not something you expected. It

What is TPG Products SBTPG LLC & Civista Bank? Read More »

Are State Stimulus Checks Taxable?

If you received a state stimulus check in 2022, you may be wondering, as you prepare your taxes, if those payments are considered income and thus taxable at the federal or the state level. Fortunately, the IRS issued a statement in early February that will help answer your question. In short, most of the payments

Are State Stimulus Checks Taxable? Read More »

Will Your Tax Refund Be Smaller in 2023?

Will your tax refund be smaller in 2023? About halfway through the 2023 tax filing season (for 2022 taxes), the IRS reported the average refund was down 11.2%: $3,140 per taxpayer in 2023 compared with $3,241 in 2022. Your refund may be smaller this year because of pandemic-related tax credits and deductions sunsetting, along with

Will Your Tax Refund Be Smaller in 2023? Read More »

High interest rates mean you don’t want to be late if you pay income tax by instalments

Jamie Golombek: You could be hit with arrears interest at the highest rate we’ve seen in more than 15 years https://financialpost.com/personal-finance/taxes/cra-income-tax-instalment-arrears-interest-surge-higher-rates #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

High interest rates mean you don’t want to be late if you pay income tax by instalments

How Much Am I Taxed on Dividend Income?

Buying low and selling high isn’t the only way to make money on your investments. Many investments also pay dividends to their shareholders. Dividends provide periodic income, which you can use to spend, save or reinvest. But where there’s income, there are usually taxes. Dividends are considered taxable income, and they’re taxed differently depending on

How Much Am I Taxed on Dividend Income? Read More »

What is a 1031 Exchange?

If you’re a real estate investor or plan to be, you need to be familiar with a 1031 exchange, which is a strategy that enables you to sell one property in exchange for another without incurring taxes in the process. Does that sound too good to be true? Maybe so, but 1031 exchanges are recognized

What is a 1031 Exchange? Read More »

Best tax software for 2023

We’re going to make your job of finding the best tax software easier by providing the details of the five most popular tax software plans available.Compare free and paid tax prep software. TurboTax vs H&R Block vs TaxAct and other top tax prep apps. Pricing, features, audit support and more. The post Best tax software

Best tax software for 2023 Read More »

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