What happens to your Bitcoin when you die? Digital assets complicating estate planning process
Bitcoin, other forms of cryptocurrency, and even travel reward points are becoming valuable to those that invested in it. The problem is, when someone dies, it creates a situation that can be confusing as to what happens to the money. If you have any digital investments, particularly password-protected ones, you need to appoint an electronic […]
Read MoreTrump tax reform leads U.S. entrepreneurs in Canada to consider giving up American citizenship
Trump’s ground-breaking tax overhaul may be considered good news for companies operating and doing business in the U.S., but the consequences are also being felt by Americans living abroad. For instance, U.S. business owners, currently residing in Canada, are responding by looking into relinquishing all legal ties with their home country as a result of […]
Read MoreHere’s What You Can Claim On Your Income Tax
Tax time is coming, and if you’re adding to your income with a side hustle, then remember it may count as income too. The Canada Revenue Agency (CRA) wants to know about it all. This means you need to report all income (even if you received it in cash) in the construction, food and services […]
Read More4 Money Habits That Separate Building Wealth From Just Making a Living
Wealth is created not just by getting a well-paying job, but also by developing some small, healthy money habits. Using these habits can help you achieve financial success and independence, and set you apart from those who are struggling financially. Here’s a breakdown of some important money habits that people should to develop to help […]
Read More‘Fear and uncertainty’: Out-of-province homebuyers could rush to sell if B.C. slaps speculation tax
Sales of vacation properties in British Columbia have stalled due to fear that buyers will be hit with a proposed speculation tax. This could also cause current property owners to try to sell their properties. About 15,000 properties can be affected by this tax, meant to curb the out-of-control B.C. real estate market. The aim […]
Read MoreBudget 2018: Top takeaways for small businesses
When it comes to the 2018 budget, here are some top takeaways for small businesses in Canada. First, we now have passive investment income clarity. The new changes will result in less business income (above $50,000 a year) being eligible for the 9 percent small business tax rate. Second, the government plans to support innovation […]
Read MoreLiberals’ Tax Changes Aimed At The Rich Will Hit Some Families Earning Less Than $100K: PBO
According to an analysis of new Canadian tax laws, approximately 900 families with an income of less than $100,000 annually will pay higher taxes because of specific income-sharing rules pertaining to small business owners. One federal watchdog claims that this will cost 900 households about $2,200 per year more in taxes. Ottawa officials insist that […]
Read MoreWhy the federal budget’s passive income changes have many breathing sigh of relief
Small-business owners, incorporated doctors, lawyers and other professionals will be relieved after the announced passive income changes in the 2018 federal budget. The government listened after receiving heavy criticism from their original plan, and they decided to take a brand-new approach. The new plan is much simpler. They’re still targeting the “tax deferral advantage” and […]
Read MoreMarried? Common-Law? It’s complicated? Find out what happens to your taxes
The state of your relationship can impact your taxes. And if you change your status, it should be communicated to Canada Revenue Agency (CRA). CRA will need to know if you get married, consider yourself common-law partners or separate. Common-law regulations differ from official marriages and involve the time spent living together or sharing children. […]
Read MoreA key tax-splitting interest rate is about to double
As of April 1st, those that split investment income with a family member using a prescribed rate loan will be facing an interest rate of 2 percent, in contrast to the current 1 percent rate. If you set up the loan before March 31st, you can continue to take advantage of the lower interest rate. […]
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