Category: Tax Information

What Revenue Canada likes to audit

Mark Goodfield, aka The Blunt Bean Counter, is a tax expert who shares twenty five years of experience in his blog – a peer after my own heart! This past week he posted an excellent, easy to read article about the five most likely items Revenue Canada (CRA) are looking to audit in our personal …

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Tax Free Savings Accounts are hot

Tax TFSA Free Savings Account

Many self respecting Canadian personal finance bloggers have written their two cents worth about the tax free savings account, but don’t expect that to slow down. Just as RRSP’s became revered and oft discussed in past years, the TFSA will only assume more space in our consciousness as cumulative contribution limits increase by $5,000 each …

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Misunderstandings about RRSP’s

Imag Baby

A few weeks ago I was approached by a writer from the USA who was doing an article on RRSP’s, comparing Canadian and American retirement planning strategies. He asked me to help him, as his knowledge of RRSP’s was about the same as my knowledge of 401K plans. (limited!) He had four simple but useful …

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When you need relief from your tax debts

Still on vacation, but keeping up with my reading of my favorite personal finance writers. Today’s featured article appeared recently on the brilliant Retire Happy blog by Jim Yih. He invited Frank Flynn to write a guest post on the subject of how to seek relief from crushing tax debts. Here is the link to this very useful and …

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Common investment errors

Img Money

Mark Goodfield has twenty five years experience in tax matters. He is the tax partner and managing partner of Cunningham LLP, and has forgotten more than most of us will ever know. Mark writes a blog called The Blunt Bean Counter, and I recommend you bookmark his site and go back from time to time – there …

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What are locked in retirement accounts

Img Lock

Dear Ross  Recently a friend asked me many questions about LIRA’s and LIF’s, and I did not know how to answer him. Seems this is more complex than RRSP’s and RRIF”s. Can you help? Whenever I am asked a question about something I don’t deal with everyday, I look to see if I know a …

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Best personal finance blog articles June 26, 2011

Img All Stars

I follow many writers in the world of personal finance – not all are listed below. These guys write in a style or about topics which I think are of interest to my personal audience. It is hard to be all things to all people, so most of we bloggers settle on one or two …

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Unwanted attention from Revenue Canada (CRA)

Credit Income Tax

Today’s theme is inspired by a recent article in the Moncton Times. The source of the material is Doug Northrup – a master tax specialist with H & R Block, based in Moncton, New Brunswick. “Many Canadians have a healthy fear of the Canada Revenue Agency (CRA). The brown envelopes from the CRA have struck fear …

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HST and real estate

Do I have to pay Tax? The harmonized sales tax introduced by the Liberal Government in Ontario went into effect in July 2010. Although tax is collected at a rate of 13% on the sale price of good and services, it doesn’t apply to every type of home or every type or real estate. New …

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Filing changes to your tax return

Thanks to Tim Cestnick, managing director of WaterStreet Family Wealth Counsel, for the following article extract, published in The Globe and Mail, April 30, 2010 Making changes You send in your tax return thinking all is well and then discover after the fact that another T-slip arrives in the mail a few days later. Or perhaps …

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RRSPs and debts

Published on Friday, Feb. 12, 2010 11:53AM EST Last updated on Sunday, Feb. 14, 2010 10:15PM EST  This article is lifted verbatim from the Globe and Mail’s website on February 15, 2010. To the mutual fund industry, the author speaks heresy, but in fact, he is much closer to the best approach than most will …

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Year end tax planning

Credit Tax

Time is running out to qualify for Ottawa’s $1,350 home renovation tax credit, and you have even less time to make use of year-end tax strategies. So here a few timely reminders. You have until Feb. 1 to spend $10,000 on qualifying items or work to earn the maximum renovation credit, and more than $1,000 …

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