Who reports capital gains if a stock is owned jointly?
Capital gains can be confusing, due to the way they’re taxed, and if they are a shared asset, e.g. owned jointly by spouses. First, it’s important to determine your capital gains by subtracting the Adjusted Cost Base minus your outlays and expenses from the Proceeds of Disposition. The resulting positive number is a capital gain. […]
Read MoreStashing your cash
There are plenty of options for your savings and choosing the right one for your situation will help you make the most of it. One of the first places to consider investing in is a retirement savings plan (RSP). An RSP is an investment account designed to help you to grow your retirement savings, and […]
Read MoreRESPs: free money from government that half of Canadians don’t ask for
According to Statistics Canada, less than half of parents take advantage of free money from the government. Any Canadian can open a Registered Education Savings Plan (RESP) for their child. And the best part is that for every dollar you put into the plan, the government kicks in an extra 20 percent towards the cost […]
Read MoreCash is no longer king, as small businesses who don’t accept cards will learn to their detriment
Small businesses, who have a policy of not accepting credit cards, it’s time to revisit it. According to a recent Square study, 79 percent of Canadians choose to pay with their cards over cash, and 47 percent do not frequent cash-only businesses. In fact, the average Canadian carries $46.50 in cash on them, and only […]
Read MorePersonal Investor: Missing your tax deadline could get costly
In Canada, your taxes are due on April 30th. This is a hard deadline as far as the Canadian Revenue Agency (CRA) is concerned. Once it clocks over to midnight on May 1st, if you owe money then you’ll start to owe a lot more. You’ll automatically accrue 5 percent interest on your due payment, […]
Read MoreHow to ensure a smooth succession
While succession is a common and complex problem for many business owners, most have not put adequate time into preparing for it. In fact, according to a 2016 survey of business owners, only 8 percent had a formal, written succession plan in place. This lack of preparation puts this group at significant risk should they […]
Read MoreNew mortgage rules sending borrowers to alternative lenders
Mortgage brokers and others, who work with consumers to arrange mortgages, say that rejection rates are on the rise. Major banks and other traditional lenders have tightened their willingness to lend after Canadian banking regulators instituted a new “stress test” that applies to all home buyers. As a result, rejection rates have risen by approximately […]
Read MoreTax deadline looms: Which credits have changed?
If you’re rushing to finish your taxes before the deadline, then you’ll want to be aware of some of the tax credit changes in Canada for 2017. One change is that the children’s fitness and arts programs are no longer available. There are also changes to how and when you can claim some of the […]
Read MoreThe top 10 things the taxman may review on your tax return
After you’ve submitted your tax return, here are the items that Canada Revenue Agency (CRA) is likely to question. This list is based on conversations with several tax professionals, and from a list by the CRA of the most common mistakes found on Canadian tax returns. The top ten items deal with: employment expenses, carrying […]
Read MoreTax Season 2018: Here Are All The New Things You Need To Know
Taxes have changed for 2018. Those filing this year will need to watch out for these changes from Ottawa. One of the major changes is that the Canada caregiver credit replaces the caregiver credit, the family caregiver credit and the credit for infirm dependants age 18 or older. Furthermore, having an older parent or grandparent […]
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