Personal Investor: Turn capital loss into tax gain
Despite making some bad investments, your losses may provide some financial benefit to you. Provided, you have some gains from other investments within the last three years, then you can reduce the amount of money you owe tax on by deducting your losses from them. In this way, you can reduce the capital gains tax […]
Read MorePrepare Now For These 3 Emergencies You’ll Probably Face
No matter how healthy and hardworking that you are, life can always hit you with sudden emergencies that can throw you off course. Some of these emergencies can be predicted and prepared for. People are living longer and as your parents age you need to be prepared emotionally and financially to care for them. Stress […]
Read MoreThese are the rules of the road when it comes to deducting automobile expenses on your taxes
It’s tax time in Canada, and if you are planning on writing off car expenses, you need to meet certain conditions. To qualify, you need to travel or work remotely, be paying expenses out-of-pocket, and not be receiving a non-taxable vehicle allowance. You’ll also require form T2200 to be signed by your employer. If you […]
Read MoreRental income is taxable – even for Airbnb
Airbnb recently sent notices to 80,000 Canadian hosts to remind them that sharing their home is considered rental income by Canada Revenue Agency (CRA). This means you’ll need to include money from Airbnb rentals on form T776, which will increase your overall employment income. While it may be taxed in a high bracket, you can […]
Read More5 Things To Know About Canada Pension Plan Changes
If you’re looking to retire, then you’ll want to know about the changes to the Canada Pension Plan (CPP) and how they will affect your retirement income. Federal Finance Minister Bill Morneau announced a suite of changes after meeting with his provincial counterparts in December 2017. Here are five things Canadians should know regarding the […]
Read MoreB.C. government exempting vacation homes from speculation tax
As a result of backlash from the B.C. property speculation tax, the government is reducing where the tax applies by focusing on primarily urban centres and exempting rural areas where lakeside cabins and vacation homes are common. It was also announced that the rate of tax will change. Starting in 2019, British Columbians with multiple […]
Read MoreTax scammers out in full force this season
Scammers posing as Canadian Revenue Agents have been contacting people, demanding money and threatening legal action in an attempt to get personal information. It’s important to know that the CRA will only each out to you by certified mail, not by phone. If you are suspicious, contact the CRA directly. You should also be skeptical […]
Read MoreHere’s what to do when you take over a parent’s finances
According to Statistics Canada, 17 percent of Canadians are over 65, and 90 percent agree it’s important to discuss finances with their parents. However, over 60 percent hadn’t had a conversation on what would happen in the event of the death of a parent or if they were otherwise unable to handle their finances themselves […]
Read MoreCRA scams on the rise as tax season gets underway
Its tax season and the CRA wants people to be aware that the scammers are out there. Scammers posing as CRA officials use aggressive phone calls and emails in an attempt to get your personal information, something the CRA would not do. These scammers often target the elderly because they are easier targets. Scammers often […]
Read MoreIs your small business properly protected with insurance?
Regardless of what industry your business is in protecting it is vital. There are a number of different types and ways to protect your business to ensure that your business, employees and investment aren’t at risk. Business owners should have some form of insurance and the correct amount for all your assets. Without the right […]
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