Why Canada’s Olympic Medalists Can’t Outrun the Taxman

Why Canada's Olympic Medalists Can't Outrun the TaxmanWhen Canada’s Olympic athletes returned home from Rio this week with a 22-medal haul, they were met at the airport by cheering family and friends as well as autograph-seeking fans. But some of them may also soon be greeted by the taxman looking for a piece of their Olympic winnings. In addition to the hardware the winning athletes brought home from the games, each Canadian medal winner will also receive…

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Relief May be on the Way — Tax on Both Sides of the Border

Relief May be on the Way -- Tax on Both Sides of the BorderU.S. citizens living in Canada not only have to file Canadian tax returns reporting their worldwide income, but they also have to file U.S. tax returns reporting the same income. That’s because the U.S. imposes taxes and filing requirements based on citizenship, not residency. To make matters worse, if the U.S. citizen holds a TFSA, RESP or RDSP, these accounts are not recognized as tax-preferred by the U.S. and the…

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Why a Capital Gains Tax Hike Might be on the Federal Budget

Why a Capital Gains Tax Hike Might be on the Federal BudgetWith the federal deficit now estimated to come in at $18 billion (or more), there is nervous speculation that Finance Minister Bill Morneau may go beyond the specific tax changes already detailed in the Liberal pre-election platform and introduce new measures in his March 22 budget to raise much needed tax revenue. One such measure being discussed in the financial and tax community is whether the government might raise the…

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Top 6 Threats to Your Finances in 2014

Top 6 Threats to Your Finances in 2014Mounting debt We’re all another year older, and as the old song goes, deeper in debt. The latest measure of household debt by Statistics Canada shows the average household owes nearly $1.64 for every dollar it earns in a year. In the 1990s we owed less than a dollar for every dollar we earned but the creeping culture of consumerism has most Canadians living beyond their means. Late in the…

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6 Rules for Novice Investors

6 Rules for Novice InvestorsI recently began volunteering with an organization called Girls Inc., one of whose valuable programs that teaches teen girls the basics of investing and money management. By the end of the program, the girls will be competently managing a full-blown investment portfolio. Sadly, that’s something that most adults are unable to do. Most novice investors who come to me for advice have usually been burned badly by trying to trade…

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Keep the Taxman out of Your Investments

Keep the Taxman out of Your InvestmentsIf you are a novice investor in Canada, our tax system can make it very difficult to get the most after-tax growth out of your savings. This is because all of our income is taxed at different rates and, due to our progressive tax system, the more you make, the more they take. When saving to increase your financial security down the road, you need to have a very good…

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Why We Need Higher Property Taxes. Really.

Why We Need Higher Property Taxes. Really.When Canadian cities want to build infrastructure, they politely request provincial and federal funding-and then beg, cry, slobber, stomp their feet, hold their breath and turn blue until they get their money. You’d think our mayors would resent a system that trades their dignity for new curling rinks and overpasses, but they put up with it because it’s in their political interests to remain helpless. That way, they can blame…

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Major Tax Increases or Heavy Layoffs

Major Tax Increases or Heavy LayoffsToronto taxpayers are facing a 35% tax hike unless there are job cuts to the city’s workforce, Mayor Rob Ford warned Friday. His administration can’t avoid penning pink slips if more staff does not start volunteering to take buyouts the mayor said on The Roundtable, with Sun News Network co-hosts Pat Bolland and Sue-Ann Levy, the Toronto Sun’s veteran city hall columnist. “I don’t know if we have a choice,”…

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The Cost of Freer Trade

The Cost of Freer TradeBefore Sept. 11, 2001, Canada and the United States liked to brag that the line on the map between them denoted the longest undefended border in the world. Since exporters could cross that border in the blink of an eye and the Canadian dollar’s value was low, Canada was able to woo foreign investors by promising them a combination of relatively cheap production costs and unrestricted access to lucrative U.S….

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Closing/ Home Costs to Think About Before You Buy your Home

Closing/ Home Costs to Think About Before You Buy your HomeThere are lots of costs to think about when you buy your home (not just the down payment you have to worry about and the actual home, but lots of other things that can add up). Here are some of these costs (HINT: They include lots of taxes.  Awesome…): Home Inspection This can range anywhere from $400 to $1000 for a thorough home inspection   Read More…

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