Taxes

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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 »

What Is the Advance Premium Tax Credit?

What Is the Advance Premium Tax Credit?

Paying for health insurance can make anyone feel queasy, but a federal tax credit is here to help. The advance premium tax credit (APTC) is a federal tax credit that helps cover the monthly cost of health insurance premiums for eligible individuals and families. Here’s what the APTC is and what it covers. What Is

What Is the Advance Premium Tax Credit? 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 »

What Happens if You Sell Your Home Before Two Years Are Up?

What Happens if You Sell Your Home Before Two Years Are Up?

You bought a home and now, less than two years later, you need to sell it. Although you’re free to sell your home at any time, a quick turnaround could make it more difficult to profit on the sale—or even avoid a loss. Additionally, there may be tax consequences if you do turn a profit

What Happens if You Sell Your Home Before Two Years Are Up? 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 »

Making a deliberate TFSA overcontribution is never a good idea, even if your investment is a big winner

Making a deliberate TFSA overcontribution is never a good idea, even if your investment is a big winner

Jamie Golombek: CRA will tax any income or gain arising from a deliberate overcontribution at 100% https://financialpost.com/personal-finance/taxes/making-deliberate-tfsa-overcontribution-never-good-idea #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

Making a deliberate TFSA overcontribution is never a good idea, even if your investment is a big winner Read More »

Massive TFSA overcontribution lands taxpayer in trouble with the CRA

Massive TFSA overcontribution lands taxpayer in trouble with the CRA

Jamie Golombek: Taxpayer overcontributed $639,308, then refused to withdraw excess contributions because his investments were down https://financialpost.com/personal-finance/taxes/massive-tfsa-overcontribution-taxpayer-trouble-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

Massive TFSA overcontribution lands taxpayer in trouble with the CRA Read More »

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

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?

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

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

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

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

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

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 »

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