What to do if you have a tax dispute with the government
If you are one of the many Canadians who has received a reassessment notice from the CRA, you need to respond with an objection notice before the 90-day deadline to enter what is known as the objection stage. After a decision to your objection, if you are still being asked to pay, you can file […]
Read MorePersonal Investor: High debt-to-income ratio? So what. – BNNBloomberg.ca
Currently, the average Canadian household owes $1.80 for every $1 of income. This situation would be problematic for older people who have not saved enough for retirement, but for younger generations it is often necessary. The debt-to-income ratio doesn’t measure the size of the debt itself, but rather the likelihood of default. Note that the […]
Read MoreCRA phone scam arrests imminent, says RCMP
Heard about those harassing phone calls, aimed at tens of thousands of Canadians, which claimed to be from the Canada Revenue Agency, demanding unsolicited payments? According to an August 23, 2019 news article, almost a year after CBC News’ investigation into the Canada Revenue Agency phone scam, a RCMP task force reports they have made 45 arrests […]
Read MoreCanada’s credit score obsession is leading people to make bad financial decisions
Often Canadians feel a false sense of security when they find out they have a higher credit score. A higher score can lead to more borrowing, creating a cycle of debt that the borrower can never get out of. The largest element of your credit score is your payment history. Paying the minimal amount on […]
Read MoreBusiness owners often underestimate hiring costs. The lowdown on CPP and EI – The Globe and Mail
For any business, large or small, employees are both necessary and expensive. Canadian businesses have to manage not just wages employees earn, but also pay roll taxes such as the Canada Pension Plan (CPP) and Employment Insurance (EI). As a result, expanding the roster of your small business can become far more costly than you […]
Read MoreFree parking is a nice workplace perk, but the taxman still wants his cut
When it comes to what’s taxable, meaning what will factor into how much taxable income you will be assessed upon by the CRA, a lot of people forget about perks and benefits. Take free parking, for example. While some employers offer it to employees, in many areas, parking carries a monetary value. Over the years, […]
Read MoreHow you draw down your retirement savings could save you thousands — this program proves it
Retirees wanting to maximize their retirement income frequently face a host of complex scenarios when trying to find the right timing and income optimization method for their unique situation. Often, there is a lack of information and tools available to people to help them determine the best plan for them. One new tool is called […]
Read MoreHow to have the ‘money talk’ – BNNBloomberg.ca
For many couples, the time will come to have the “money talk.” Couples often marry more than just their partner; they marry their finances too. Which means they need to get on the same page regarding how they manage their joint funds. It should begin by disclosing your incomes, debts and assets. And then, discuss […]
Read MoreTax implications of making transfers between registered accounts
Before you transfer funds between registered accounts, it’s important to understand the rules that apply for that type of account and under what circumstances you may be able to access your money in that account. Exceptions exist for withdraws from a locked-in account based on extreme financial hardship, shortened life expectancy and sometimes based on […]
Read MoreFor common-law couples, estate planning is full of pitfalls. Here’s how to avoid some of them
Common law couples or those who are married for the second time have more inherent estate planning issues than married couples. If one partner dies before the other, the survivor may end up owning property with the deceased’s children. Assets can be too little or too much when the deceased partner’s children are also beneficiaries. […]
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