Canadians now spend more on taxes than on food, clothing and shelter combined, study finds
Canadians now pay almost half of their hard-earned income in taxes, which contrasts with a third for the average family in 1961. Recently, the Fraser Institute calculated that in 2015 an average Canadian family paid $34,154 (or 42.4 percent) of their total $80,593 cash income in taxes. For housing, food and clothing, the average family […]
Read MorePersonal Investor: Wise millennials choose TFSAs over RRSPs
According to Statistics Canada, 42 percent of millennial investors prefer TFSAs (tax-free savings accounts) over RRSPs (registered retirement savings plans). This means this group, aged 25-34, are willing to give up the instant gratification of a tax refund that comes with the RRSP in favour of gains that are never taxed in a TFSA. A […]
Read MoreHow to tell the taxman you’re selling your home
When selling a home, your taxes are impacted too. The Canada Revenue Agency (CRA) considers a profit on the sale of property to be a capital gain. But, CRA allows for a primary residence, or family home, to be sold at a profit without having to pay capital gains tax. There are caveats of course. […]
Read MoreNow is the time to consider tax-loss selling to offset capital gains, tax experts say
Now is the time to consider tax loss selling to offset your capital gains. By selling those stocks that haven’t worked out, you can apply the loss to your capital gains. Losses can be applied to gains made in the year you incurred the loss in addition to carrying all or the remainder of your […]
Read MoreHow to make the most of your charitable giving come tax time
Here are some ways to make the most out of your charitable giving come tax time. Charitable donations receive tax credits at both the federal and provincial levels. On the federal side, the first $200 of annual charitable donations receives a 15 percent credit and then 29 percent for cumulative donations above $200. Donors who […]
Read MoreCRA Targeting Underground Economy: Contractors, Online Sales, Farmers Markets…
In recent years, Canada Revenue Agency (CRA) has particularly focused on tracking underground economy activities. One way they are doing this is by obtaining information from key 3rd parties. For example, recently CRA obtained details from contractor credit applications submitted to Rona. Consider the type of information that Rona would have: name, address, and other specifics […]
Read MoreIt’s that time to break out the year-end tax-planning playbook | Financial Post
We’re closing in on year-end, and for taxpayers, this is the time to take a look at last minute deductions and adjustments to save you money and maximize your returns when you file next spring. There are a few opportunities that require planning now. One item is tax-loss selling, which needs to be completed before […]
Read MoreMore than half of all sales in Canada still done in cash, Bank of Canada survey says
Surprisingly, fifty-one percent of people in Canada use cash for the majority of all their transactions. Despite the exponential rise in credit and debit card usage, Canadians still prefer cash. Given that they’re quicker and easier to use, many expected people to be using cash less often. Where cash is no longer king is for […]
Read MoreHow to Tell If Your Small Business Needs to Engage an Accountant
Up until a certain point, small businesses can often operate and file their taxes on their own before there is a need to bring in an expert. Today, with the abundance of accounting software available you may even be able to manage it for longer on your own, even if you don’t have a lot […]
Read MoreThe trouble with capital gains taxes, and why we’re likely still stuck with
An economic research organization in Canada is advocating for the removal of the Canadian capital gains tax, which was introduced in 1972. They point out that Canada has a need for increased business investment, and the tax suppresses how much capital is available to support such ventures. Investment in Canada has fallen 18 percent since […]
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