Posted by Sheryl on May 6, 2013 in Income Tax, Portfolio/Saskatchewan Pension Plan |
25 April, 2013
By Sheryl Smolkin
SHUTTERSTOCK
Have you ever handed your home renovation contractor cash to avoid paying provincial sales tax and GST? Do you accept cash for your in-home daycare services and conveniently “forget” to remit source deductions or claim the income for tax purposes?
If either of these scenarios strikes a chord, chances are you are a participant in the underground economy (UE). A September 2012 Statistics Canada study on the UE in Canada pegs the level of...
Read More
Posted by Sheryl on Apr 21, 2013 in Income Tax, Portfolio/Saskatchewan Pension Plan |
15 April, 2013
By Sheryl Smolkin
This week Jon Chevreau, the editor of Moneysense magazine celebrated his 60th birthday and the release of the U.S. edition of his book Findependence Day. You can listen to a podcast interview I did with Jon last summer.
In a “must read” blog he wrote to mark the occasion, Jon made an important distinction between early retirement and financial independence:
“Financial independence is not the same as retirement,” Chevreau says. “Ideally, it...
Read More
Posted by Sheryl on Dec 21, 2012 in Income Tax, Legal, Portfolio/Moneyville |
Read this post and comments on moneyville
December 10, 2012
If you are fired and get a severance package or court-awarded damages, the way in which these amounts are characterized by the Canada Revenue Agency can have a significant impact on how much you have left after taxes.
When wages are paid instead of notice under terms of an employment contract or employment standards legislation, these amounts are viewed as employment income by CRA, even though time has elapsed after you left the...
Read More
Posted by Sheryl on Nov 18, 2012 in Income Tax, Portfolio/Moneyville |
Read this blog and comments on moneyville
November 08, 2012
If you own multiple properties, minimize taxes by carefully choosing which one to designate as your principal residence.
DREAMSTIME
If you sell your principal residence any increase in value from the date of purchase to the date of sale is generally exempt from capital gains tax. But if you also have a cottage, chances are that capital gains will be taxed when you sell it, because you can only have one...
Read More
Posted by Sheryl on Nov 7, 2012 in Income Tax, Portfolio/Moneyville |
Read this blog and comments on moneyville
October 31, 2012
Filing a few tax forms may allow you to reduce the amount being taken off your paycheque.
Shutterstock
Like every other Canadian, I filed my personal tax return by April 30th and right now taxes are the last thing on my mind. But a recent message from RBC Wealth Management Services reminded me that by considering a number of end-of-the year tax planning strategies, I may be able to reduce the...
Read More
Posted by Sheryl on Jul 29, 2012 in Income Tax, Portfolio/Moneyville |
Read this story and comments on moneyville
July 05, 2012
Ontario NDP Leader Andrea Horvath forced the minority Liberals to impose a wealth tax as a condition of supporting their budget.RICHARD LAUTENS/TORONTO STAR
A recent study by the C.D. Howe Institute says the tax on the rich that NDP leader Andrea Horvath exacted from the minority Liberal government to pass the budget may end up reducing revenue over the long run.As of this month, the provincial income tax rate for those...
Read More
