Family Debt-to-Income Ratio Hits Record
Personal Finance

Family Debt-to-Income Ratio Hits Record

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 its 12th annual assessment of Canadian family finances. It found the average family borrowing — […]

Taxing the Rich
News

Taxing the Rich

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 a federal rate of say 33% and 37% respectively? I’m not sure why the government […]

HST Arrives in Ontario
News Personal Finance

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 answer to the mess of the having these two separate taxes for so long. Complaints […]

Eldercare
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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 we cannot claim our contributions because my father is not a dependent who resides with […]

Adopted recently? This tax tips for you.
Featured

Adopted recently? This tax tips 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 and have paid various expenses to an adoption agency, are any of them tax deductible? […]