Canada Taxes

Marijuana Prices Are Going To Crash

Dana Larsen | Posted 05.30.2014 | Canada British Columbia
Dana Larsen

Some say that the proliferation of home cultivation licenses has also helped to drop prices, but I don't think this has had a major impact. The amount of cannabis being produced by all licensed patients is not that significant when compared to the total level of underground production in Canada. It's shrinking U.S. demand that is driving prices down here.

BC's HST Hangover Hangs On

Jordan Bateman | Posted 05.27.2014 | Canada British Columbia
Jordan Bateman

Compared to just five years ago, British Columbians now hand over an extra $20 bill every week of the year to the provincial government. This is the biggest jump in the country. This is a hangover from the HST.

How Canadian Tax Dollars Become Lavish Personal Spending Accounts

J.J. McCullough | Posted 05.27.2014 | Canada Politics
J.J. McCullough

2012-04-27-mediabitesreal.jpg Alberta Premier Allison Redford was forced to resign last week following revelations that she had charged the treasury $45,000 to attend President Mandela's funeral. Redford's quick hand with the expense account chequebook, in turn, obviously brings to mind the shenanigans of our old pals in the Senate.

If You Made a Donation in 2013 a Karmic Tax Return Could Be Yours

Jeff Cates | Posted 05.21.2014 | Canada Business
Jeff Cates

No matter your age, you very likely made a donation you can claim on your tax return. This can be anything from sponsoring a friend's marathon, to attending a fundraising gala, to growing a moustache. Giving through the year is a great way to give back to your community, and there's certainly a little karma built into tax refunds, so make sure you follow these tips to get a little back come tax time.

A $13 Billion Reason to Support the South Korean Free Trade Agreement

Mark Milke | Posted 05.18.2014 | Canada Business
Mark Milke

By design, free trade agreements tear down the protectionist walls propping up status quo producers. However, even those producers -- at least those who reform, will also find a newfound ability to thrive given increased access to markets with tens of millions, or hundreds of millions, of potential new customers. All of this benefits consumers, most obviously when expensive tariffs on their choices, from Korean cars to Canadian beef, are eliminated.

Not Your Mother's Budget Surplus

Mark Milke | Posted 05.12.2014 | Canada Alberta
Mark Milke

Beyond higher taxes or more debt, there has always been another option: prudent spending. However, that is something the Alberta government has been less than adept at in some years. For instance, had the province increased program spending after 2005/06 and to 2012/2013 but only in line with inflation and population growth, it would have spent $22 billion less compared to what it actually sent out the door.

Filing Your Taxes Online Gets You Your Return Faster

Cleo Hamel | Posted 05.10.2014 | Canada Business
Cleo Hamel

The Canada Revenue Agency stopped mailing packages to pen-and-paper filers last year as part of a push towards the efficiencies of online filing of personal income tax returns. And from an efficiency perspective, it's hard to argue against the CRA's NETFILE system.

3 Ways Millennials Can Take Control of Their Taxes (and Refunds!)

Jeff Cates | Posted 05.07.2014 | Canada Business
Jeff Cates

While these digital natives bank and manage credit cards online and through mobile apps, only one third plan to file taxes themselves using tax software. Given that taxes are like the DNA of personal finances, it's only natural that doing it themselves is the next step in managing all aspects of their pocketbook. Here are three tax tips to help Millennials take full control come tax time.

Don't Let Mythical Thinking on Taxes Mess Up Alberta

Mark Milke | Posted 05.04.2014 | Canada Alberta
Mark Milke

As Albertans approach another provincial budget, the usual fables about Alberta's finances often crop up. To inoculate ourselves in advance, let's ponder two myths. Myth number one: "Alberta's wealth is a result of luck." This tall tale assumes that the existence of natural resources automatically results in wealth creation, jobs, and a higher standard of living. That's hardly the case. Plenty of jurisdictions have little in the way of natural resources but prosper, while others have plentiful natural resources yet flounder. Let's investigate myth number two: "Alberta is undertaxed."

B.C. Losing its Tax Advantage -- and Its People

Jordan Bateman | Posted 04.30.2014 | Canada British Columbia
Jordan Bateman

Our beautiful landscape, outdoorsy way of life, and mild weather can only overcome a certain amount of taxes. People are already beginning to vote with their feet, leaving our province for greener pastures -- another spin that will continue to speed up if the BC Liberals do not reverse course.

Some Of Canada's Biggest Companies Pay Ludicrously Low Taxes

The Huffington Post Canada | Posted 02.27.2014 | Canada Business

Some of Canada's biggest companies pay virtually no taxes, according to an investigation from Canadian Business magazine. Their report finds companies...

Taxing The Rich Not Bad For Economy: IMF Paper

CP | Julian Beltrame, The Canadian Press | Posted 04.28.2014 | Canada Business

OTTAWA - A new paper by researchers at the International Monetary Fund appears to debunk a tenet of conservative economic ideology — that taxing the...

How to Cure the Holiday Financial Hangover

Sarah Twomey | Posted 04.21.2014 | Canada Business
Sarah Twomey

Have you noticed that every holiday season, the pressure builds as everyone rushes around buying too much stuff before the Big Day? Then our festive bubble bursts just after New Year's when they announce how much new debt everyone has incurred. And then just as suddenly, the talk turns to RSPs and taxes. The collective anxiety is enough to give everyone a massive ulcer.

Why Flaherty's Sin Tax on Cigarettes Won't Work

Michel Kelly-Gagnon | Posted 04.16.2014 | Canada Politics
Michel Kelly-Gagnon

This is precisely what happened in Canada in the early 1990s. Indeed, following a steep increase in duties and taxes applicable to tobacco products by the federal government and the provinces, a vast illegal trade in cigarettes sprang up. Contraband's share in the Canadian tobacco market jumped from 1 per cent in 1987 to approximately 31 per cent by the end of 1993.

The Rich Already Pay Enough

Mark Milke | Posted 03.23.2014 | Canada Business
Mark Milke

Recent headlines say that some Canadian executives earn in a few days or weeks what the rest of us might earn in a year or longer. In assessing those stories, it is critical to remember one fact: risk-taking and entrepreneurs are not a burden but a key part of a civilized, opportunity-based, and prosperous country.

RRSPs: Still Saving After All These Years

Cleo Hamel | Posted 03.22.2014 | Canada Business
Cleo Hamel

The Canadian government first created the Registered Retirement Savings Plan (RRSP) in 1957, to promote savings for self-employed individuals and those without an employer-sponsored pension plan. It's now 2014, and that makes the RRSP 57 years old. The plan is obviously beneficial for many.

Will Canada's Government Continue the Tax Hike Into 2014?

Sean Speer | Posted 03.18.2014 | Canada Politics
Sean Speer

The trend of governments increasing taxes seems poised to continue in 2014. As of Jan. 1, the federal government increased taxes on certain dividend income, British Columbia raised its health care premiums yet again and introduced a new tax rate for those earning more than $150,000.

Learn About This Tax Shelter From the Storm

Cleo Hamel | Posted 03.08.2014 | Canada Business
Cleo Hamel

Tax shelters are few in Canada, so it's important to understand the ones that are available. The introduction of the Tax-Free Savings Account (TFSA) in 2009 was met with positive feedback, but it seems Canadians are not always sure about its value.

2013's Top 10 Stories for B.C. Small Businesses

Mike Klassen | Posted 02.19.2014 | Canada British Columbia
Mike Klassen

According to our monthly Business Barometer survey, B.C. small business confidence grew substantially this year. In February, B.C. ranked in sixth place among Canada's 10 provinces -- but by the end of November, we were sitting solidly in second place. With the New Year almost upon us, it is worthwhile to take a moment to reflect upon 2013's high and low points for small business.

Who Exactly Wants CPP Hikes? Not Working Canadians

Dan Kelly | Posted 02.10.2014 | Canada Politics
Dan Kelly

While Canadians -- including small business owners -- support the CPP as it is, there are lots of good reasons why expanding it would be a bad idea, regardless of the timing. For example, while CPP appears to be well managed at the moment, it has been an unmitigated disaster in the past.

The Most Important Day for Your Tax Return Is Approaching

Cleo Hamel | Posted 02.09.2014 | Canada Business
Cleo Hamel

New Year's Eve. Champagne toasts and countdowns. Kisses at midnight and Auld Lang Syne. It's a time to look forward to the year ahead, and reflect on the one just past. Especially your taxes. Sorry to rip you out of the reverie, but taxes never sleep. And on December 31, Canada's tax laws set in stone a number of factors that influence your personal tax return.

Don't Call Me a 'Taxpayer' - I Am More Than Just My Wallet

Grant Gordon | Posted 02.05.2014 | Canada Politics
Grant Gordon

I don't like when tax dollars are wasted -- whether at the provincial level by relocating gas plants, or at City Hall by tearing up LRT contracts willy-nilly, or even by the federal government straight up losing $3.1 billion (whatever happened to that scandal, by the way?). And I get that times are tough. Saving pennies matters to a lot of people these days, and it should to our governments, too.

Close Tax Loopholes So the Rich Pay More

Dennis Howlett | Posted 01.26.2014 | Canada Business
Dennis Howlett

Top income earners with taxable income of over $135,000 are taxed at 29 per cent -- about average for an industrialized country. But because they have a lot more tax loopholes they can take advantage of, the average income tax rate paid by the richest 1 per cent was only 19.7 per cent. How is that fair?

Holiday Bonuses That Could End up on Your Tax Bill

Cleo Hamel | Posted 01.25.2014 | Canada Business
Cleo Hamel

We may be looking at something of a Dickensian, bah-humbug holiday season, according to a recent H&R Block survey of Canadian workers. The survey conducted by Leger showed only 44 per cent of Canadians are expecting an employer-hosted holiday party. But if, in fact, the season does put a scrap of gold or silver in your pocket, there's a chance it may come with tax implications, and many Canadians don't realize that.

The Conservative Proposal for Less Progressive Taxes Is a Bad Idea

Dennis Howlett | Posted 01.23.2014 | Canada Politics
Dennis Howlett

In the real world, much of the money the rich and corporations gained from tax cuts is being socked away, often in tax havens. The amount of Canadian money in tax havens is at an all-time high. One of the main reasons corporations are not investing is that demand for products and services is weak because of stagnant incomes of middle and lower income Canadians.