Income tax in Canada turns 100: here’s how much money Canadians have paid since 1917
Income tax in Canada has now turned 100 years old. The bill which started income tax collection came into effect on July 26, 1917, and was originally created as a way to raise money during the First World War effort. In just the first year approximately $118.6 million was raised. Money from income taxes is […]
Read MoreCalgary police warn Calgarians not to fall victim to tax scams
With another tax season complete, scammers are now trying to trick Calgarians by pretending to be the Canada Revenue Agency. If they are calling about a refund, scammers will call people saying that they need personal and financial information in order to return the money owed. If they owe unpaid taxes, they’ll ask for payment […]
Read MorePersonal Investor: Year-end RRSP and TFSA tax ‘gotchas’
There are three potential tax gotchas that can catch TFSA as well as RRSP investors by surprise. One is if you are in the ten percent of TFSA holders who use the maximum allowable amount every year and you also made a withdrawal in the year 2017, then you’ll need to wait until 2018 to […]
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