Taxes – Page 17 – How to Achieve Financial Freedom

Here’s how to see if you have one of the 8.9 million uncashed cheques issued by the CRA

Jamie Golombek: Looking for some extra cash this summer? You may need to look no further than the CRA’s website https://financialpost.com/personal-finance/taxes/cra-uncashed-cheques #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 how to see if you have one of the 8.9 million uncashed cheques issued by the CRA Read More »

If you owe the CRA money, pay up as soon as possible because the prescribed rate is rising again

Jamie Golombek: Here’s what you should be doing in anticipation of the looming interest rate increase https://financialpost.com/personal-finance/taxes/if-you-owe-the-cra-money-pay-up-as-soon-as-possible-because-the-prescribed-rate-is-rising-again #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

If you owe the CRA money, pay up as soon as possible because the prescribed rate is rising again Read More »

What Is the Net Investment Income Tax?

If you earn over $200,000 per year, you may be subject to the net investment income tax (NIIT), an additional tax levied on the investment income of taxpayers considered to be high income. In some parts of the country, particularly the big coastal cities, an individual requires a $200,000 income just to achieve a middle-class

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What Is Tax-Loss Harvesting and How Does It Work?

Tax-loss harvesting lets you use underperforming assets to lower your taxes. But managing your portfolio is complicated enough — is tax-loss harvesting even worth it? The short answer is yes. And advisory services leveraging modern technology can help you reap the benefits without the headache. The post What Is Tax-Loss Harvesting and How Does It

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What Is the Child Tax Credit (CTC) and How Do You Claim It for Dependents?

The child tax credit offers parents a tax break for each child they have. It can help reduce the amount you owe in taxes or boost your refund by thousands of dollars. But what is it and how does it work? The post What Is the Child Tax Credit (CTC) and How Do You Claim

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Poker champion comes up a winner in high stakes showdown with CRA

Jamie Golombek: Victory comes after almost a decade battling over millions in winnings https://financialpost.com/personal-finance/taxes/poker-champion-comes-up-a-winner-in-high-stakes-showdown-with-cra #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

Poker champion comes up a winner in high stakes showdown with CRA Read More »

Non-compliance costing CRA at least .1 billion, new ‘tax gap’ report finds

Non-compliance costing CRA at least $18.1 billion, new ‘tax gap’ report finds

Jamie Golombek: Study shows how much additional revenue CRA would have received if individuals and companies reported income properly https://financialpost.com/personal-finance/taxes/non-compliance-costing-cra-18-1-billion-new-tax-gap-report-finds #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

Non-compliance costing CRA at least $18.1 billion, new ‘tax gap’ report finds Read More »

How is Passive Income Taxed?

Passive income. It’s not an exaggeration to say it’s probably the best kind of income you can earn. Simply put, it’s income you earn with little or no effort on your part. And that means you’ll be free to earn even more money doing other things – or just enjoying your life. Jeff Rose is

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Tips for Tax-Efficient Investing

The post Tips for Tax-Efficient Investing appeared first on Millennial Money. There’s no getting around it: If you invest, you’re going to have to pay federal income taxes. The sooner you come to terms with this, the better. The main reason you need to pay attention to taxes as an investor is that they can

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When Should I Adjust My Tax Withholding?

Income tax withholding sets aside a portion of your regular salary or wages every pay period for taxes. It isn’t set in stone, however. You can ask to have more or less of your salary withheld for taxes based on your tax filing status, deductions, additional income and more. While you can adjust your tax

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Refundable vs. Nonrefundable Tax Credits

Tax credits can lower your tax bill by thousands of dollars—but not all tax credits are the same. A nonrefundable tax credit can lower your tax bill to zero, but you won’t receive a tax refund for the difference if any money from the credit is left over. On the other hand, a refundable tax

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15 Tax Deductions for Self-Employed Taxpayers

About 16 million of America’s 150 million workers are self-employed, according to Pew Research. Self-employment can translate to more independence and greater choice when it comes to your work hours and location. But it can also come with a more complicated—and more expensive—tax bill. If you work for yourself, you can claim a variety of

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If you thought the CRA wouldn’t follow up on improperly claimed CERB and other benefits, think again

Jamie Golombek: Tax authority sending out ‘notices of redetermination’ as COVID-benefit-related disputes hit the courts https://financialpost.com/personal-finance/taxes/if-you-thought-the-cra-wouldnt-follow-up-on-improperly-claimed-cerb-and-other-benefits-think-again #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

If you thought the CRA wouldn’t follow up on improperly claimed CERB and other benefits, think again Read More »

How Are NFT Gains Taxed?

Non-fungible tokens (NFTs) have made a big splash in the investing world over the past few years. In 2021, NFT sales hit a whopping $17.6 billion, according to data from NonFungible.com and L’Atelier BNP Paribas. An NFT is a unique digital token that represents the ownership of an original piece of digital property, such as

How Are NFT Gains Taxed? Read More »

ABLE Accounts Defined: Tax-Advantaged Savings for the Special Needs

An ABLE account is a tax-advantaged savings account that helps individuals with disabilities save for the future while still receiving government benefits such as Medicaid and Supplemental Security Income. Millions of people are eligible to open one — learn how. The post ABLE Accounts Defined: Tax-Advantaged Savings for the Special Needs appeared first on Money

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What Is Modified Adjusted Gross Income? (MAGI)

One lesser-known measure of income is your modified adjusted gross income. It impacts your ability to qualify for certain tax incentives or things like health care subsidies. Fortunately, your MAGI isn’t all that hard to calculate once you know what it is and why you’re trying to figure it out. The post What Is Modified

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Made Green Upgrades in 2021? Don’t Miss These Tax Credits

Many Americans have woven green practices into their everyday lives — from recycling to going paperless and even cutting back on meat consumption. Switching to clean energy or purchasing an electric vehicle are additional ways to go green, but large-scale upgrades also often come with major price tags. Several existing tax credits can help to…

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Do You Know About the IRS’ Free File Program?

If you earn $73,000 or less annually, you may be able to use a service to file your federal tax return for free through a program from the IRS. The IRS partners with the nonprofit organization Free File Alliance, a group of eight software companies that offer tax filing services. The IRS and the Free

Do You Know About the IRS’ Free File Program? Read More »

What Are Tax Lots and How Do They Affect Your Capital Gains?

Tax lots are records pertaining to your acquisition of securities, including the dates of sale and purchase, your cost basis, and sale price. This info determines how your capital gains are calculated and the tax rate you pay. Learn how tax lots work and how to use them to save on your taxes. The post

What Are Tax Lots and How Do They Affect Your Capital Gains? Read More »

If Your Life Changed in 2021, Watch for Income Tax Surprises

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. The events of 2021 didn’t always play out as expected. A lingering pandemic, a shifting government response and a wave…

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