Taxes

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How to pay less tax this year if you’re an incorporated business owner

How to pay less tax this year if you’re an incorporated business owner

Jamie Golombek: With Dec. 31 fast approaching, now is the time to review how to pay yourself in 2023 https://financialpost.com/personal-finance/taxes/pay-less-tax-cra-incorporated-business-owner #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 pay less tax this year if you’re an incorporated business owner Read More »

How To Calculate Mortgage Interest Deduction If It’s Over The Max

How To Calculate Mortgage Interest Deduction If It’s Over The Max

The mortgage interest deduction is a positive benefit for homeowners. This itemized deduction allows homeowners to subtract mortgage interest from their taxable income, thereby lowering the amount of taxes they owe. The current maximum mortgage interest deduction is based on a $750,000 mortgage amount. Before the Tax Cuts And Jobs Act (TCJA) passed in December

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Why Canada should adopt the family as the basic taxing unit instead of the individual

Why Canada should adopt the family as the basic taxing unit instead of the individual

Kim Moody: Doing so would result in a much fairer system and eliminate a lot of the complexity in the Income Tax Act https://financialpost.com/personal-finance/taxes/canada-adopt-family-basic-taxing-unit #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

Why Canada should adopt the family as the basic taxing unit instead of the individual Read More »

How Do I Reduce My Property Taxes?

How Do I Reduce My Property Taxes?

For millions of U.S. homeowners, rising property values mean higher property taxes. If your property tax bill has increased in recent years, you aren’t alone: The average annual property tax on a single-family home was $3,901 in 2022, up 3.6% over 2021, according to property data firm ATTOM. Lowering your property tax bill isn’t easy,

How Do I Reduce My Property Taxes? Read More »

How to use RRSPs, TFSAs and more to save on taxes and get ‘free’ money

How to use RRSPs, TFSAs and more to save on taxes and get ‘free’ money

Jamie Golombek: Here’s how to prioritize contributions to registered savings plans to eliminate, or at least minimize, taxes on investment income https://financialpost.com/personal-finance/taxes/rrsps-tfsas-save-taxes-free-money #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 use RRSPs, TFSAs and more to save on taxes and get ‘free’ money Read More »

Canada’s top-end personal tax rates need to come down

Canada’s top-end personal tax rates need to come down

Kim Moody: Canada needs to take a hard look at lowering personal tax rates and ensure people keep at least half of all gains https://financialpost.com/personal-finance/taxes/canada-top-end-personal-tax-rates-need-come-down #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

Canada’s top-end personal tax rates need to come down Read More »

New Alternative Minimum Tax rules might mean donating more to charity this year

New Alternative Minimum Tax rules might mean donating more to charity this year

Jamie Golombek: AMT could be an issue for higher-income taxpayers if a charitable gift is made in 2024, as opposed to 2023 https://financialpost.com/personal-finance/taxes/new-alternative-minimum-tax-rules-donating-more-charity #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

New Alternative Minimum Tax rules might mean donating more to charity this year Read More »

Taxpayer finds himself on wrong side of CRA when claiming employee expenses

Taxpayer finds himself on wrong side of CRA when claiming employee expenses

Jamie Golombek: Changes to how travel allowance was calculated and paid trip up B.C. boilermaker https://financialpost.com/personal-finance/court-sides-with-cra-travel-allowance-case #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

Taxpayer finds himself on wrong side of CRA when claiming employee expenses Read More »

CRA decision to deny taxpayer late-filing relief sent back for review by judge

CRA decision to deny taxpayer late-filing relief sent back for review by judge

Jamie Golombek: Court says CRA was ‘unreasonable’ and conclusion ‘not justified, transparent or intelligible’ https://financialpost.com/personal-finance/taxes/cra-decision-deny-taxpayer-late-filing-relief-sent-back-review #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 decision to deny taxpayer late-filing relief sent back for review by judge Read More »

FP Answers: What’s the best way to minimize taxes when gifting two rental properties?

FP Answers: What’s the best way to minimize taxes when gifting two rental properties?

Parents want to give their daughter a townhouse and a condo https://financialpost.com/personal-finance/taxes/best-way-minimize-taxes-gift-rental-properties #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: What’s the best way to minimize taxes when gifting two rental properties? Read More »

Tax system not built to keep up with inflation — and it’s hurting some Canadians more than others

Tax system not built to keep up with inflation — and it’s hurting some Canadians more than others

Jamie Golombek: Not all taxes are indexed, creating distortions that magnify the effects of rising prices, C.D. Howe report says https://financialpost.com/personal-finance/taxes/tax-system-not-built-keep-up-inflation #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

Tax system not built to keep up with inflation — and it’s hurting some Canadians more than others Read More »

Incorporating comes with both benefits and questions for professionals

Incorporating comes with both benefits and questions for professionals

Here are 3 broad areas to consider before incorporating https://financialpost.com/personal-finance/taxes/incorporating-benefits-questions-professionals #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

Incorporating comes with both benefits and questions for professionals Read More »

FP Answers: What are the ins-and-outs of splitting RRIF income with a spouse to get the ,000 tax credit?

FP Answers: What are the ins-and-outs of splitting RRIF income with a spouse to get the $2,000 tax credit?

For most people, it makes sense to convert enough of your RRSP to a RRIF and claim the pension tax credit https://financialpost.com/personal-finance/retirement/split-rrif-income-spouse-2000-tax-credit #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: What are the ins-and-outs of splitting RRIF income with a spouse to get the $2,000 tax credit? Read More »

Simple tax reforms for retirees that the government could consider

Simple tax reforms for retirees that the government could consider

Plenty of ideas on how to encourage and prolong Canadians’ retirement savings https://financialpost.com/personal-finance/taxes/rrif-reforms-government-could-consider #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

Simple tax reforms for retirees that the government could consider Read More »

Taxpayer’s ‘genuine’ TFSA contribution mistake still leads to CRA tax and penalty

Taxpayer’s ‘genuine’ TFSA contribution mistake still leads to CRA tax and penalty

Jamie Golombek: He ran afoul of TFSA limit and went to court to get CRA to reconsider his case, and ended up disappointed https://financialpost.com/personal-finance/taxes/genuine-tfsa-contribution-mistake-cra-tax-penalty #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

Taxpayer’s ‘genuine’ TFSA contribution mistake still leads to CRA tax and penalty Read More »

CRA denies taxpayers’ COVID-19 benefits claim for their Airbnb housekeeping charges

CRA denies taxpayers’ COVID-19 benefits claim for their Airbnb housekeeping charges

Jamie Golombek: Judge determines the agency’s decision to deny CRB eligibility wasn’t ‘unreasonable’ https://financialpost.com/personal-finance/taxes/cra-denies-taxpayers-crb-claim-airbnb-housekeeping-charges #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 denies taxpayers’ COVID-19 benefits claim for their Airbnb housekeeping charges Read More »

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