Canada Taxes

Want a Good Relationship With the CRA? Learn to Communicate

Cleo Hamel | Posted 06.22.2014 | Canada Business
Cleo Hamel

Communication is the foundation of any relationship, whether in love, in life or at work. One relationship that's important to keep on an even keel is yours with the Canada Revenue Agency.

Stock Options: The Billion Dollar Tax Loophole

Dennis Howlett | Posted 06.16.2014 | Canada Politics
Dennis Howlett

As the old saying goes: "A buck is a buck." But at tax time, there is a different set of rules for corporate insiders using a loophole for stock option deductions. This loophole has a $1 billion annual price tag for the rest of us.

So You've Left Your Taxes To The Last Minute. Now What?

The Huffington Post Canada | Arti Patel | Posted 04.16.2014 | Canada Business

The deadline for filing taxes (April 30) is near, and for all of you who saved the paperwork to the last minute, there are ways to make your filing pr...

What the U.S. Can Learn From Canada's Government

Sean Speer | Posted 06.15.2014 | Canada Politics
Sean Speer

For a real-life example of how scaling back government has led to positive and practical economic benefits, Americans should look north. In Canada the conventional wisdom for much of the second half of the 20th century favored increasing the size of government. This led to significant growth in government as a share of the economy.

Do I Really, Really Have to File a Tax Return? (Yes)

Cleo Hamel | Posted 06.15.2014 | Canada Business
Cleo Hamel

There's denial: I don't really have to file a tax return on time, do I? The answer, for the vast majority of Canadians, is: Yes. And those who aren't required to file a return are missing out on cash and other benefits.

Simple Ways to Make Tax Season Painless

Jeffrey Schwartz | Posted 06.11.2014 | Canada Business
Jeffrey Schwartz

Tax season has begun. This yearly tradition is dreaded by many Canadians, but it doesn't need to be. Taxes are what keeps our roads paved, our schools running, and our health care free. When we think about the money we give to the government, we don't always realize that our money is going towards things we take for granted every day. So, approach the upcoming tax filing deadline with a positive outlook.

Private Health Insurance Will Not Fix Health Care Problems

Mark Stabile | Posted 06.10.2014 | Canada Politics
Mark Stabile

There is evidence that physicians shift their time to the private system resulting in fewer publicly funded services. And there is evidence that the cases left in the public system are most complicated and costly. But there is little evidence that wait times in the public system go down.

Small Business Owners, Make Tax Season Work for You

Jeff Cates | Posted 06.04.2014 | Canada Business
Jeff Cates

The following is a list of the critical first steps SMBs should take to prepare and get through tax season.

6 Things Joe Oliver Can Do to Leave a Positive Legacy

Mark Milke | Posted 06.03.2014 | Canada Politics
Mark Milke

Every politician wants to leave a positive legacy, so here are some possibilities for the new federal Conservative finance minister, Joe Oliver. First, do no harm. This is not as easy as it sounds...

If You're a Single Parent, Make Taxes Work For You

Cleo Hamel | Posted 05.31.2014 | Canada Business
Cleo Hamel

They say it takes a village to raise a child, so when you're trying to do it on your own, you're entitled to a little exasperation. But the government and the Canada Revenue Agency recognize the financial challenges of being a single parent, and the tax code has provisions that can make it a little easier. However, there are also some pitfalls that require attention to navigational detail to avoid.

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.