Taxes

Is it time to end all tax deductions and tax credits?

Posted by on March 22, 2011 in Taxes

The Canadian federal budget is released today at approximately the same time people have to start thinking about taxes. While there is much speculation on what new tax measures will be introduced, there’s been a corresponding ground swell of commentators questioning the utility of tax deductions and tax credits (a tax credit is typically a [...]

The growing problem with Canadians owning U.S. property

Posted by on January 20, 2011 in Taxes

The recent extension of the Bush area tax cuts seems to have solved or at least provided some much need clarity to Canadians owning U.S. property (the original problem with Canadians and U.S. estate tax summarized by Canadian Capitalist). The quick and dirty being starting in 2011, the basic exemption on the estate tax will [...]

Are you overlooking these tax savings?

Posted by on September 13, 2010 in Taxes

Earlier this summer there was a lot of bytes consumed in the blogsphere about a new tax savings strategy not previously available to the general public. The actual explanation of the strategy proved a little Palin-esque for many people’s liking and the story seems to have died a quiet death. Inevitably, in a few month’s [...]

Do you ever talk to your accountant about your investments?

Posted by on April 5, 2010 in Taxes

Most of us have a familiar pattern when we visit our accountants this time of year: drop off paperwork, call to make an appointment, attend their office, ask how much our tax refund/taxes owing are, pay their bill and go home. Repeat annually. While we do pay our accountants to minimize our taxes, how many [...]

The cost of bad income tax preparation

Posted by on March 22, 2010 in Taxes

Around this time every year, empty retail outlets all across the land are rented out by tax preparation businesses advertising “cheap tax preparation”, “get your tax refund now!” or “instant cash back on your taxes!” The concept itself is all well and good and, ever mindful of a household’s dollar, these types of businesses tend [...]

Condos are eligible for the home renovation tax credit

Posted by on March 8, 2010 in Real Estate, Taxes

Congrats to Veselin who won a free copy of the QuickTax tax preparation software. As many Canadian taxpayers know, the Home Renovation Tax Credit (HRTC) was a one year tax credit for eligible home renovation expenses incurred between January 27, 2009 to February 1, 2010. The 15% credit applies for eligible expenses between $1,000 to [...]

The 2 largest external factors eroding your net worth

Posted by on January 13, 2010 in Taxes

There is justifiably a lot of attention paid to the effects of fees on investment returns particularly MER charged on mutual funds and ETFs. While in no way should it provide a defense to high-fee products, this focus, taken to a myopic level, can obscure the two largest external factors eroding your net worth. Taxes [...]

Why raising taxes is easier than cutting programs

Posted by on August 13, 2009 in Taxes

Now that it appears that the financial system will not sink into a black hole, many of us are waking up and realizing that the government is in a lot debt.  In essence, we nationalized the bank’s sins and we are going to have to pay for it. With a much older population than the [...]

Woe to the taxpayer

Posted by on June 2, 2009 in Taxes

If you ask me what one item a household should increase its expenditure on in the upcoming year, my answer would be to think seriously about paying for a good tax accountant. A tax accountant is different than an accountant that helps you file your taxes. On a very general basis, a tax accountant structures [...]

Should you file your own tax returns?

Posted by on March 30, 2009 in Taxes

It is tax return season again and the question always arises whether you should file your own tax return or hire an accountant to prepare your taxes? There are no absolute answers just contextual ones so think about the following this tax season. There is always a cost of preparing taxes. Whether this cost is [...]