Category

Tax Information
You should open an account with CRA These days dealing with the Canada Revenue Agency is so much easier if you take advantage of their online services. They have a portal called Your Account, which contains an incredible amount of your personal past and current tax related information, all in one place. In the mortgage...
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Borrowing to invest tax efficiently is not news Mortgage professionals and financial planners like to trumpet the famous Smith Manoeuvre, as coined by Fraser Smith (1938-2011) In a nutshell, this program shows you how to free up equity in your home for investment purposes, and to do so in a tax efficient manner. I give...
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Income Tax Time There are a few things in life we all covet dearly – like a trusted auto mechanic, a great family doctor, or a dry cleaner who actually removes stains, etc. For me, you can add my tax accountant to this list. In one of my favorite Seinfeld episodes, there were always lineups...
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Hi Ross: My 18yr old goes into CIBC in Victoria requesting an RRSP account to deposit $50/month Bank says “No, you should get a TFSA” Kid leaves confused because Mom taught her to get RRSP @ 18 but the bank says Mom is wrong. Now what do I tell her? Thanks, Mandy. From Ross: Mum...
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Two weeks ago I received an excited phone call from James, a forty something family doctor living in Richmond Hill with his wife, an ER nurse at a local hospital.  They had discovered a beautiful 7,900 square foot house in Vaughan, not long reduced in price from $3.5 million to $2.8 million. James and Rachel...
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This is really simple – and is best used only by someone who has a husky taxable income in 2011, and expects a radically lower income in 2012. All you do is make a very large contribution before February 29, 2012; generate the associated refund when you file your taxes; and then withdraw the same...
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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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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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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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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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