Some investors have been receiving notices of assessments from CRA to pay penalties on their Tax Free Savings Accounts (TFSA). I think it’s time for a quick review to make sure you are operating your accounts correctly so you can avoid any penalties. First some...
A recent situation with a client prompted me to rewrite this article that I had written a few years ago. Joint accounts between spouses is not the topic of this article. An individual passed away with no spouse and no children and no Will; the beneficiaries of the...
In April, the Manitoba Government announced its new budget including some tax increases to the usual items and some brand new taxes. The fuel tax will increase 2.5 cents per litre to 14 cents per litre. At least it’s a flat tax regardless of how much gas is per litre...
The federal government recently announced some budget cuts, including eliminating the penny, cuts to the Employment Insurance program and the CBC, reduced services in federal parks, Old Age Security increase in age, and more. The Manitoba government recently announced...
Do you travel to the US for the winter for long periods of time? If so, you may need to file an exception to filing a US tax return that is due June 15 each year. If you don’t want to face some possible penalties, you may need to file a form called the Closer...
I enjoy the challenges of finding tax savings for my clients. When I meet new clients each year, I look forward to reviewing their past taxes looking for missed tax savings, or letting them know about ways to save taxes in the future. You may think you are “saving”...
Completing your tax return is really a tax reconciliation. You have taxes withheld on your employment income, pension income, RRSP withdrawals and RRIF and annuity payments. Most individuals with one T4 (employment income) without any other deductions or credits...
Before we review the records you need to keep for Canada Revenue Agency (CRA), here are a couple of new non-refundable tax credits for the 2011 tax year: The Children’s Art Tax Credit is new and covers a lot of what the Children’s Fitness Tax Credit doesn’t: music...
Canada Pension Plan has changed quite a bit. The changes were announced a couple of years ago, but now that it’s here, the details are starting to emerge. If you are 70+ and already receiving your CPP, you are not affected, but read for your own pleasure and share...
If you or someone you care about has a disability and is under age 50, this article will be of great interest to you! First, let me clarify what “someone with a disability” means. For this program, you fit the definition if you have been approved by Canada Revenue...
I read about David Chilton recently and he is writing another book; an updated version of The Wealthy Barber; The Wealthy Barber Returns. He admitted that all the information in the first book is just as relevant today as it was when it was published in 1989. He said...
After I left my 16 year career with a major bank in 2001 to pursue my career with an insurance company, I definitely learned a lot about the different insurances available to individuals and families. I also learned through the media and conversations with people what...
At the end of July, I had a chance meeting with Leanne of Blooms & Balloons, the florist in Lorette. I was in the area and decided to drop in and see their new location. After talking briefly about each other’s businesses, she happened to mention she does...
The recent federal budget was tabled early June. It is mostly a repeat of the budget that was announced in March before our recent election. There were a few items announced that will affect some of us individual tax payers for 2011 and in the future. Here’s a quick...
Do you travel to the US for the winter for long periods of time? If so, you may need to file an exception to filing a US tax return that is due June 15 each year. If you don’t want to face some possible penalties, you may need to file a form called the Closer...
On April 12, the Government of Manitoba announced several changes to the 2011 tax year. On that day, I only caught some of the highlights on the news but now have a chance to review it more detail. I suppose it’s good for those of us in the tax business that the...
It’s becoming more and more noticeable. It’s actually starting to drive me crazy! There are still a few weeks left before the April 30 Personal Income Tax deadline and I’ll still complete hundreds of tax returns before then. That is not what is driving me crazy. I...
Most people know the common tax tips for saving money on your personal income tax return: medical expenses, tools for tradespersons, meals for truck drivers, child care expenses and the like. But there are some unusual ones that I find out about from time to time, or...
So it is “RRSP time” again; the time of year when you see lots of advertisements and maybe get some calls from your banker or financial advisor asking for your RRSP contribution by March 1. How do you know if you should or should not? Let’s start with who should be...