Does Canada really need an inheritance tax?
A new report published by the Canadian Centre for Policy Alternatives (CCPA) discovered that the 87 richest Canadian families have more collective wealth than everyone in New Brunswick, Prince Edward Island, and Newfoundland combined. This wealth is typically concentrated in the same families, and is passed down among many generations leaving very little room for […]
Read MoreThe surprising secret to funding a successful startup
When beginning a startup business, many entrepreneurs tend to ignore the significance of where their debt financing comes. This can be a costly mistake. Recent research has shown that using a personal loan, in contrast to a business loan, can make you less successful in future endeavors. The study didn’t examine why, but there are […]
Read MoreHow to build an education plan for your child
If you want to save and invest in your child or grandchild’s future, you may want to make sure that your money will lead to the best outcome for them. One way is to create an education plan to answer important questions, like what opportunities are there for your child in their chosen area of […]
Read MoreCalgary becomes first Canadian city to allow businesses to start online
As of July 31st, small businesses in Calgary can get started online, thereby forgoing any brick and mortar transactions. New online applications will allow businesses to get licensing and permits entirely in the virtual world. Director of Calgary Business Services explained that greater efficiency and speed was what Calgary start-ups were after. Calgary is the […]
Read MoreHere’s what taxes can do to your savings if you’re not careful
Over 65 percent of Canadians are aware of and contribute to a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Both of these options are ways Canadians can protect their savings from being taxed. But, if you are looking to save some money outside a TFSA or RRSP account, then you need […]
Read MoreAlberta accounted for 97% of federal income tax decline during recession’s height
It’s going to take quite a while to determine exactly why the Federal income tax revenue fell by about $5 billion in 2016. According to the Globe & Mail high-income earners paid $4.6 billion less in taxes in 2016 despite a higher tax rate. One thing that stood out was that Albertans accounted for 93 […]
Read MoreWhy you need to understand risk and uncertainty when planning for retirement
When retirement planning, you need to consider that it is not a one size fits all plan, and you often have to make adjustments due to risks. Typically, financial planning will take into consideration investment returns, inflation and retiree spending and assumes a lifespan of 90. However, risks are not limited to this list, and […]
Read MoreWhen the CRA’s bullying came back to bite it: Offshore tax audit results in $5 million in damages
The Canada Revenue Agency (CRA) was accused of being overly aggressive in it’s audit and assessment methods of SLT, but the agency itself had to pay up after an off shore audit went wrong and the taxpayers involved sued for damages. Shareholders of a company called SLT were relentlessly assessed over a period of several […]
Read MoreThis retirement advice should be retired
We’ve all been told how much to save for retirement. However, setting such a high goal, especially for those in their 20s or 30s, can leave many people so frustrated by what they’re told to save that they completely give up on savings and investing altogether. Although some guidelines should be followed, it should be […]
Read MoreIf you sell real estate, expect the taxman to take a close look in continued CRA crackdown
The CRA has recently announced that the agency plans to be more proactive when it comes to real estate sales. Despite the need to report real estate sales (even on your principal residence which is except from tax), not every Canadian is reporting these sales on their tax returns. Over the last three years, over […]
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