Surge in number of Canadians who can’t pay their debts has economists worried — and scratching their heads
Nearly 2,000 Canadian consumers filed for insolvency in September, a 19 percent increase from a year ago. This represents a potentially worrying development for the nation’s household debt landscape. Economics professor Stephen Gordon calls the data “perplexing” given the favorable economic landscape. Indeed, other data related to household debt – such as mortgage arrears – […]
Read MoreBetter Business Bureau gives tips on recognizing CRA scam
It’s a recurring con that reappears every tax season with a different spin. Getting notified by the CRA that you have taxes owed can be scary, and it can get a lot scarier when it’s a scammer threatening you with demands to pay immediately or face an arrest or even jail time. These scammers usually […]
Read MoreThe clearance certificate: what it is, and why it matters
When someone passes away, estate executors are responsible to keep seven years of the deceased tax receipts, unless a clearance certificate is obtained. Appropriate documentation is needed, and a TX19 form has to be filled out and filed. Executors, after obtaining the certificate, can distribute the assets of the deceased’s estate without worrying about owing […]
Read MoreCanadians are passing up billions of dollars in pension plan contributions from their employers – The Globe and Mail
It is hard to believe that many employees either do not contribute at all or do not contribute the maximum amount allowed to their pension plan. A recent study determined that 3 to 4 billion dollars a year are passed up in Canada because employees were not part participating in their employer match programs for retirement […]
Read MoreAre tax-free workplace pension plans an idea whose time has come?
When tax-free savings accounts accounts were created, Canadians gained incentives to save more money for their retirement. Over the years, pension plans have become smaller or even non-existent at some businesses, but a tax-free option could improve those numbers. Tax free pension plans could take some burden off the government social assistance programs, while making […]
Read MoreCan I reclaim the withholding tax on my U.S. stocks?
Claiming U.S. withholding tax is only possible in recognized tax-deferred registered accounts and non-registered accounts. The U.S. only recognizes an RRSP and not an RESP or TFSA. Therefore, for a registered account, it is only possible for RRSP account and any foreign taxes in an RESP and TFSA cannot be recovered. Outside a registered account, […]
Read MoreWith taxes, you’re guilty until proven innocent
The presumption of innocence, a cornerstone of Liberal Democracy, is essentially flipped in Canada when it comes to one matter: taxes. Here one is guilty until proven innocent. There is some justification for this. Taxpayers tell the Canada Revenue Agency how much they owe, not vice versa. The taxpayer is presumed to have all the […]
Read MorePersonal Investor: When investing turns into wealth management – BNNBloomberg.ca
As we age, changes in our investment portfolio, like our split between equity and fixed income, will likely shift. Younger people will typically allocate more to equities. As we approach retirement, depending on our circumstances, our portfolio will shift to safer, lower yield investments without as much risk. Asset allocation is best discussed with your […]
Read MoreAre you self-employed? Know your tax obligations
Canadians who are self-employed have slightly different tax obligations that they need to be aware of to ensure that they stay on the right side of the CRA. For instance, one difference is that while their tax return can be submitted later (e.g. their 2018 tax return was due on June 17, 2019), but any […]
Read MoreHow will a pension buyback impact your income tax return?
Public sector pensions use formulas based on the length of service made by an employee to determine that employee’s pension when he or she retires. A pension buyback allows an employee to buy an amount of service, or time, that increases the pension’s value. This buyback amount can be tax deductible, but usually, it will […]
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