A lot of Canadians seem to have stopped investing to pay down their debts – The Globe and Mail
Based on the flow of money, Strategic Insight Canada believes Canadians are making the decision to switch from investing to paying down debt. The theory is based on the drastic drop in money going into investment products of all types in late 2018 and early 2019. Strategic Insight ruled out a worsening economy because of […]
Read MoreWill you blow your tax refund on something fun? Blame it on mental accounting – The Globe and Mail
People often treat money differently depending on where it comes from. This is known as mental accounting. Even though a dollar is a dollar regardless of where it comes from, to many of us, how we label it plays a strong role in how we plan to spend it. This is particularly true for tax […]
Read MoreIs Income Splitting Dead?
Despite the Department of Finance changing the “income splitting” rules in 2018, there are no shortages of income splitting plans. Some of them take advantage of various provisions of the Income Tax Act while others are a little more complicated. The average business owner can become permanently trapped in the tax on split income (TOSI) […]
Read MoreCRA asks Canadians to air grievances in online consultation
The federal institution Canadians interact most often with is the Canada Revenue Agency for annual tax filings. Being fully aware of this, the CRA has recently put out an online questionnaire that it hopes will give Canadians a chance to provide feedback to the agency on how they feel about it, and how well they […]
Read More46% of Canadians $200 or less away from financial insolvency
Due to increased interest rates, many Canadians are struggling with paying their bills. People who have been increasing what they owe have been hurt by the Bank of Canada’s five rate hikes that began in 2017. Almost half of residents surveyed claim as little as 200 dollars stands between them and financial insolvency at the […]
Read MoreDo you need to make income tax instalment payments?
If you owe more than $3,000 in taxes from the previous tax year, then you may be asked by the CRA to pay your next year’s taxes in installments. Employees typically do not need to worry about instalments because their employer will withhold tax throughout the year. However, individuals with more than one source of […]
Read MoreThe swap scheme that led to a forty-fold increase in one woman’s TFSA
Almost as soon as the Canadian government set up rules for TFSAs (tax-free savings accounts) a decade ago, Canadian citizens have been looking for ways to exploit the rules to their advantage. In one instance, a woman used a series of swaps to turn an initial $5,000 contribution into more than $200K. The government took […]
Read MoreCutting down capital gains tax on real estate sales
Real estate investors often dread paying capital gains. Unlike the stock market, real estate is seen as a long-term investment with larger capital gains. For real estate, capital gains are taxed at your marginal tax rate. Other forms of income like employment, interest and foreign dividends are taxed at twice the tax rate and taxable […]
Read MoreCanada’s housing market headed for weakest year in almost decade, warns CREA in updated outlook
The number of homes sold in Canada was down 4.4 percent in February with prices down 5.2 percent, which is a 10-year low. If the expected pull back of 1.6 percent occurs in 2019, then that would mark the weakest annual sales since 2010. The year-over-year drop in sales was heavily concentrated in British Columbia […]
Read MoreCheaper gas and home heating? Here’s what happens when Alberta ditches the carbon tax
Alberta’s carbon tax is coming to an end this month. Although despite Premier Jason Kenney’s promise to end it, we’ll likely see it return due to the federal government having a “backstop” carbon tax for provinces who don’t have one of their own. In the meantime, Albertans can enjoy a reprieve dependent on how long […]
Read MoreTax Tables
Ask Our Experts
Quadrant is dedicated to your financial success. Get expert advice and insights to grow your business and plan for your future.