Home » Archives
Failure to File Taxes Could Bankrupt You
It’s better late than never when it comes to your taxes. If you haven’t done your taxes for a year or two — or more — “get on it before CRA gets on you,” says tax expert Evelyn Jacks. The... (Continue reading)
Confusion Reigns Over TFSA Rules
Contribution rules for a popular tax shelter continue to perplex ordinary Canadians, despite a year-long information blitz by the Canada Revenue Agency and the big banks. The agency sent out almost 103,000 letters to holders of tax-free savings accounts this... (Continue reading)
Canada Government Toppled After Opposition Pressure
Canadian opposition parties brought down the Conservative government in a no confidence vote Friday, triggering an election that polls show the Conservatives will win. The opposition parties held Prime Minister Stephen Harper’s government in contempt of Parliament in a 156-145... (Continue reading)
Family Debt-to-Income Ratio Hits Record
Written on 18 Feb, 2011 at 16:11 in Personal Finance | Comments
The average family debt-to-income ratio in Canada has now hit a record 150 per cent, the Vanier Institute of the Family said Thursday. That means for every $1,000 in after-tax income, Canadian families owe $1,500, the institute said, while releasing... (Continue reading)
Taxing the Rich
Written on 17 Jun, 2010 at 6:42 in News & Opinion | Comments
A reader of this blog, Chris, posed the following thoughtful question: What do you think the implications would be if Canada were to implement more tax brackets? For example, if federal tax tiers were added at $200k and $300k with... (Continue reading)
Should I Start the Smith Manoeuvre?
Written on 7 Jun, 2010 at 3:22 in Personal Finance | Comments
As this blog has quite a bit of content regarding the Smith Manoeuvre, I often get reader questions regarding how to start the Smith Manoeuvre, and when is a good time to start. I have answered the “how” in the... (Continue reading)
HST Arrives in Ontario
Well, actually it doesn’t start until July 1st, 2010 but knowing about this new tax is just as important as its announcement. The HST tax, or Harmonized Sales Tax (combining the GST & PST together into one tax) is Ontario’s... (Continue reading)
Eldercare
Reader submitted question: Q – Me, my sister and my uncle are sharing the cost of keeping my father housed in a care facility because his gov’t monies & pension do not cover the monthly fee. My understanding is that... (Continue reading)
Adopted recently? This tax tip’s for you.
If you’ve recently adopted, or know anyone who has, this Canadian tax advice is for you, courtesy of Intuit (think: QuickTax) Here was the original reader-submitted question: Q – Is there an adoption expenses tax credit? We adopted in 2009... (Continue reading)
Dealing with the Canada Revenue Agency
Here are two stories that show how important it is to know how much tax you owe and pay the right amount. If you don’t, the government can hit you with heavy penalties. In the first case, a woman sent... (Continue reading)
