Canada Taxes

Fat Taxes a Naïve Prescription for Canadian Health

Jordan Bateman | Posted 10.04.2015 | Canada Business
Jordan Bateman

They're coming first for your devilish Coca-Cola and Pepsi. But they aren't stopping there. They also want taxes on sugary fruit juice (you sinister Sun-Rype suckers!), and anything else that tastes slightly better than water. It won't end -- because big government types truly believe higher taxes can solve every problem -- there's no evidence it will work.

The Risks and Rewards of Using Multiple Wills

Suzana Popovic-Montag | Posted 10.02.2015 | Canada Business
Suzana Popovic-Montag

People have always sought out new and innovative ways to reduce or avoid taxes. In estate planning, some of the more traditional methods have included designating a beneficiary directly in an insurance policy or naming a joint account holder with a right of survivorship. Multiple wills are another effective technique and as a result, have become increasingly popular over the last decade.

How Does Canada Tax My Investments?

Tea Nicola | Posted 09.25.2015 | Canada Business
Tea Nicola

Albert Einstein once said, "The hardest thing in the world to understand is income taxes." -- you can rest assured that it is not a simple subject. Taxpayers are expected to understand it well enough to be able to make good decisions about our own financial situation. But if understanding basic income tax isn't enough of a headache, the taxes on investment earnings (such as in your RRSP) represent a whole new territory.

Changes to Ontario 'Death Tax' Puts Additional Burden on Grieving Families

Christine Van Geyn | Posted 09.24.2015 | Canada Politics
Christine Van Geyn

When a person dies, their assets are managed by an estate representative. In most cases, that person is the grieving spouse or children. Ontario has the highest Estate Administration Tax (EAT) the country. The EAT was previously called a "probate fee," but in this rare instance of honesty the Ontario government has changed the name to reflect what it really is -- an estate tax. Failure to comply with these new burdensome rules can result in fines starting at $1,000, imprisonment for up to two years, or both.

Basic Income Is Just What the Doctor Ordered

Danielle Martin | Posted 09.08.2015 | Canada Living
Danielle Martin

What makes people sick? Infectious agents like bacteria and viruses and personal factors like smoking, eating poorly and living a sedentary lifestyle. But none of these compares to the way that poverty makes us sick. Prescribing medications and lifestyle changes for our patients who suffer from income deficiency isn't enough; we need to start prescribing healthy incomes. The upstream factors that affect health -- such as income, education, employment, housing, and food security -- have a far greater impact on whether we will be ill or well. Of these, income has the most powerful influence, as it shapes access to the other health determinants.

Canadians Owning Property in the U.S. Could Cash in on the Weak Loonie

Cleo Hamel | Posted 09.01.2015 | Canada Business
Cleo Hamel

For the past few years, Canadians have been taking advantage of our dollar being worth about the same as the U.S. dollar. From buying up real estate to cross-border shopping, being on par with the U.S. dollar has had its advantages. However, in the last few months, economic factors have driven the Canadian dollar down. It may be time to regroup and look at some strategies to make the weakening dollar work for you.

Running Government Like a Business Means Looking Beyond Costs

Justin Beach | Posted 08.31.2015 | Canada Politics
Justin Beach

If we were running things "like a business," we would be doing something like a cost-benefit analysis. Somehow, we became obsessed with cost and swept the other half of the equation under the rug. Everything that government does, or does not do, has consequences that go beyond the number of tax dollars spent.

How Canada's Revamped Universal Child Care Benefit Affects You

Tea Nicola | Posted 08.26.2015 | Canada Parents
Tea Nicola

There's been much hype and commotion since the federal government rolled out its revamped Universal Child Care Benefit (UCCB) last month. Dubbed 'Christmas in July', the change distributed nearly $3 billion to Canadian families, regardless of income, with children aged 17 and under.

Teamwork Helps Students Address Financial Challenges

Cairine Wilson, CPA Canada | Posted 08.21.2015 | Canada Parents
Cairine Wilson, CPA Canada

The post-secondary years are the ideal time to lock in great habits and fill any gaps in your children's financial education. Regardless of whether there are savings set aside or loans to be taken, managing the dollars matters. It's our young people who gain the most from good advice as they take on increased responsibility.

The UCCB Is Actually Helping Lower Income Canadians

Caroline Battista | Posted 08.14.2015 | Canada Business
Caroline Battista

While the Child Tax Credit was a nice boost for parents at tax time, you had to have earned enough income to benefit from it. As a non-refundable credit, it meant you had to have paid tax during the year in order to claim it. So a low income family may not have been able to take advantage of the credit. They did not actually benefit from it. This will not be an issue with the enhanced UCCB.

The CRA Couldn't Collect $3 Billion - But It Can Still Go After You

Caroline Battista | Posted 07.31.2015 | Canada Business
Caroline Battista

Believe it or not, even the long arm of the taxman can come up empty-handed from time to time. According to the latest federal public accounts, the Canada Revenue Agency wrote off $3.4 billion in uncollectible tax debts from 2013 to 2014.

Pan Am Poured Taxpayer Funds Down the Drain

Christine Van Geyn | Posted 07.31.2015 | Canada Politics
Christine Van Geyn

Those sparkling Pan Am cars sitting unused in lots under the Gardiner were sparkling for a reason. Instead of collecting dust, these vehicles were treated to regular washes at Big Wax and Imperial Oil. Throughout the games, Pan Am vehicles can be seen regularly rolling through these same car wash facilities.

Mr. Harper's Feeble Leadership Has Resulted in a Feeble Economy

Ralph Goodale | Posted 07.14.2015 | Canada Politics
Ralph Goodale

Listening to Stephen Harper talk about the economy, you get the distinct impression that someone else entirely must have been running the country for the past 10 years. Since 2006, Canada has been stuck with the weakest economic growth record in eight decades.

Alberta Introduces Bill To Hike Taxes On Wealthy

CP | The Canadian Press | Posted 06.18.2015 | Canada Alberta

Finance Minister Joe Ceci says the bill proposes to change the tax rate on corporations to 12 per cent from 10 per cent starting July 1.

France Mulls Giving Everyone A Year Off From Income Tax

CP | The Associated Press | Posted 06.17.2015 | Canada Business

PARIS — France is considering making 2017 a year free of income tax. The government wants to shift to a system of automatic withholding, similar ...

You Can Fight the Taxman With Enough Paperwork

Caroline Battista | Posted 06.17.2015 | Canada Business
Caroline Battista

The CRA conducts random reviews over the summer months to make sure that people are claiming their credits correctly. These requests from the CRA are not audits -- they are simply requests for supporting paperwork. However, some taxpayers will receive a Notice of Reassessment usually with an amount owing.

Preparing Now May Avoid a Tax Bill Next April

Caroline Battista | Posted 05.29.2015 | Canada Business
Caroline Battista

Once April 30 passes, most people forget about their taxes for another year. It is tempting to just file it away but you should try to introduce a little tax planning into your financial life so next year's return holds no surprises. Especially if it involves a tax bill.

Canada Needs to Act on Its Promise to Tackle Tax Havens

Dennis Howlett | Posted 05.16.2015 | Canada Business
Dennis Howlett

Canada and its global partners can't keep relying on whistleblowers, snitch lines and investigative journalists to assure the integrity of our tax system. So far, there is little evidence to show that the government has the political will to end this. It is estimated that Canada loses at least $7.8 billion each year from tax haven schemes. The practice hurts both federal and provincial economies. It also undermines public confidence in our tax system. The world of tax havens is a murky one inhabited by the very wily and the cynical.

NDP Push Tories To Scrap Tampon Tax For Good

CP | Stephanie Levitz, The Canadian Press | Posted 05.13.2015 | Canada Politics

"Everyone in this House agrees that this $36 million tax grab on women is unfair."

Government Supports Motion To Remove Tampon Tax

CP | Stephanie Levitz, The Canadian Press | Posted 05.08.2015 | Canada Living

"This is an non-optional tax that's borne by only half the population"

One Small Date Error Extends Tax Season

Caroline Battista | Posted 05.04.2015 | Canada Business
Caroline Battista

While the extension is good news for anybody who might have left their tax filing to the last minute, it demonstrates that mistakes can happen fairly easily. If the almighty taxman can miss updating a date on a memo then it's completely fathomable that we might make a few errors when it comes to our taxes. But tax mistakes can be costly.

5 Essential Tips for Last-Minute Tax Filers

Jeff Cates | Posted 06.28.2015 | Canada Business
Jeff Cates

It's tax time and the deadline is just days away. Your month of tax procrastination may be stressing you out, but don't worry. The following tips will get you through the final days. By filing late or failing to file, you will incur a range of financial penalties. Why just throw your money away?

Fraser Institute: Income Tax System Getting Costly, Complex

The Huffington Post Canada | Sunny Freeman | Posted 04.27.2015 | Canada Business

As Thursday’s tax filing deadline nears, many procrastinating Canadians are feeling the pressure to gather all their information and start crunching...

Before You Complain About Taxes, Read This

DeSmog Canada | Posted 06.24.2015 | Canada Business
DeSmog Canada

People don't like paying their taxes in part because the connection between what we pay and the goods and services we receive has been broken. Add to that a massive shift toward a consumer society in which people derive a lot of social standing from what they consume and it's an uphill battle for taxes.

A National Sales Tax Would Create a Real Opportunity for the U.S.

Jason Clemens | Posted 06.23.2015 | Canada Business
Jason Clemens

Contrary to a recent Wall Street Journal editorial, introducing a national sales tax, or value-added tax (VAT) creates a real opportunity for the United States. The nation could shift from its heavy reliance on income taxes (both absolute and comparative) to a consumption tax without affecting the budget deficit.