Canada Taxes

Before You Complain About Taxes, Read This

DeSmog Canada | Posted 04.24.2015 | 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 04.23.2015 | 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.

The Budget Tricks Us With Tax Cut Treats

Dennis Howlett | Posted 04.23.2015 | Canada Politics
Dennis Howlett

The big spending on the income splitting tax break, combined with the impact of lower oil prices has already left only a razor-thin balance and the Parliamentary Budget Officer predicts the budget will slip back into deficit in the next few years. Since it is no secret that this budget sets the stage for the upcoming federal election it is time for us to take a long hard look at the people we elect. We should not allow ourselves to be tricked by tax cut treats but think about who offers a plan for the future. Legacies take guts.

The Federal Government Doesn't Owe Ontario More Money

Mark Milke | Posted 04.22.2015 | Canada Politics
Mark Milke

The Ontario government claims that it's shortchanged because Ontarians send more federal tax dollars to Ottawa than what the federal government directly spends in Ontario. But does this prove that Ontario's government deserves more money from the federal government?

Money Kept by Canadian Taxpayers Is Not a "Loss"

Mark Milke | Posted 04.18.2015 | Canada Politics
Mark Milke

The Liberal finance minister assumed that taxes were useful but indeed a loss -- not to government, but to the citizens who pay the tax. Taxes are necessary, but we must be judicious about the money sent to politicians and civil servants. That includes understanding the money first belongs to Canadians.

Ways to Be Smart With Your Tax Refund

Caroline Battista | Posted 04.14.2015 | Canada Business
Caroline Battista

The decision about what to do with your tax refund is particularly important to those young Canadians anticipating a refund. You want a vacation, and there's probably something you've wanted to buy and put off until you got your return. But consider this...

Services Like Uber Leave Metro Vancouver's Transit Plan in the Past

Kenneth P. Green | Posted 04.13.2015 | Canada Politics
Kenneth P. Green

The Vancouver Mayor's Council on Regional Transportation has an ambitious 30-year vision (starting with a 10-year plan) that would dramatically expand mass transit in Vancouver. Yet recent developments in personal transportation raise questions about long-term plans to build fixed point-to-point transit systems.

WATCH: It's Tax Season, What Are You Waiting For?

Posted 04.13.2015 | Canada Business

It's bearing down on you like a boulder rolling down a hill: Tax season. Ok, so maybe it isn't that bad, but really, what are you waiting for? The ...

Three Important Tips for First-Time Tax Filers

Jeff Cates | Posted 04.07.2015 | Canada Business
Jeff Cates

You have a social insurance number, a job, and even a T4, but you have never filed your taxes. Everyone has been in the exact same position -- you have to start somewhere. Sure, it can be intimidating, but it doesn't need to be. Why? Because it has never been easier to file. Need a little guidance? Here are three tips to make your first time filing a breeze.

The Taxman Is Asking New Canadian Immigrants for Piles of Paperwork

Caroline Battista | Posted 04.06.2015 | Canada Business
Caroline Battista

The taxman has been asking some of our new Canadian clients for additional information while they review their tax returns. The CRA is well within their rights to ask for additional documentation but new Canadians are facing a rather long list of requirements.

3 Reasons You Should File Your Taxes Even if You Don't Make Much

Jeff Cates | Posted 03.25.2015 | Canada Business
Jeff Cates

I'm here to make the case for doing your taxes, whatever you earn. Every year, many Canadians living on low incomes choose not to file, stating little return -- no pun intended -- on the effort. Are you one of them? You may not realize that whatever bracket you fall in, filing has benefits tailored specifically to your situation. Below, you will find three reasons why filing is essential for those with low incomes.

Fixing Canada Without Raising Taxes on (Most) Canadians

Dennis Howlett | Posted 03.19.2015 | Canada Politics
Dennis Howlett

The Harper Conservatives have done a lot of damage to Canada. It has been the proverbial death by a thousand cuts: health transfers, aboriginal education and health, child care, social and co-op housing. The list goes on. It has increased stress on ordinary Canadians and created a huge social, economic and environmental deficit. And it has increased unemployment and harmed economic growth. The big question will be: Can damage be undone without raising taxes on 90 per cent of middle and lower income Canadians? The answer is yes.

The CRA Might Ask You to Prove Custody of Your Kids

Caroline Battista | Posted 03.19.2015 | Canada Business
Caroline Battista

Single parents with custody receive some substantial tax savings and the Canada Revenue Agency will sometimes ask for proof of custody. Even though your children obviously live with you, you need to prove it to the CRA if they ask. They may want a third-party confirmation so be prepared if they come asking.

Calling the Fraser Institute "Anti-Tax" Is Overly Simplistic

Mark Milke | Posted 03.19.2015 | Canada Business
Mark Milke

Taxes are indeed needed to fund important government services, critical both to a well-functioning economy and more generally, civilization. But there is a point when a larger, more interventionist government, combined with a heavier tax burden, can stunt economic growth and social outcomes, or achieve those outcomes only at great additional cost.

Canada's Wealthiest Don't Deserve More Leeway on Taxes

Dennis Howlett | Posted 03.13.2015 | Canada Business
Dennis Howlett

Tax compliance is a two way street. We trust that our friends, neighbours and business partners are honest and committed to paying their fair share. Instead, in the spirit of "penny-wise, pound-foolish," the government has cut the CRA more than any other department. The result is that the CRA now lacks the highly trained staff to handle complex cases. Wealthy Canadians know their chances of getting caught are small.

This Tax Season, Here Are Three Lessons You Should Teach Your Kids About Finances

Jeff Cates | Posted 03.11.2015 | Canada Business
Jeff Cates

Now that spring is nearly upon us, your children's thoughts have likely turned to the end of the school year, summer jobs, or perhaps their post-secondary futures. While you're likely preparing to file your tax return, they probably aren't thinking about finances or taxes. That's where you come in.

Know Your Status As a Couple Before Filing Taxes

Caroline Battista | Posted 02.26.2015 | Canada Business
Caroline Battista

Claiming marital status when filing taxes, especially common-law, can be clouded by a number of issues. Some people reason that if you keep your finances separate then you don't claim as common-law. Or they don't think they have lived together long enough. The CRA rules are very clear.

Easy Tips To Make Your Income Go the Distance

Cindy Crean | Posted 04.13.2015 | Canada Business
Cindy Crean

Another option for affluent families like Hugo and Milena is to consider setting up a family trust. It works best when families have a significant amount to settle into the trust or loan the trust. This may be considered for amounts over $1 million due to the costs to set up the trust and its ongoing administration.

It's Time To Rethink B.C.'s Medical Services Plan Tax

Andrew Weaver | Posted 04.01.2015 | Canada British Columbia
Andrew Weaver

Overhauling our current, regressive approach would be a positive step in addressing poverty and income inequality, and ensuring a sustainable health care system for now, and future generations.

Prentice is Wrong about Alberta's Single Tax

Mark Milke | Posted 03.29.2015 | Canada Alberta
Mark Milke

Earn $17,787 in Alberta and you'll pay nothing in provincial income tax. Earn $50,000 and 6.4 per cent of your income is tax ($50,000 minus the $17,787 exemption; the 10 per cent tax is paid on the remaining $32,213). Earn $100,000 and 8.2 per cent of your income is tax. There's a word for such sliding proportions of tax paid: progressive.

Do You Understand 'Employment Expenses' on Your Tax Return?

Caroline Battista | Posted 03.11.2015 | Canada Business
Caroline Battista

There are a wild variety of employment expense claims that tax-filers make. Dry cleaning and teeth-whitening for on-air performers? Doesn't fly. My favourite may be the repairman whose employer demanded a bi-weekly haircut. He took his case to Tax Court, and lost. But it definitely showed determination.

Breaking Down Calgary's Property Tax Increases

Mark Milke | Posted 02.09.2015 | Canada Alberta
Mark Milke

Once again, Calgary city council has raised property taxes beyond the rate of inflation. No surprise. Over the past seven years, only once, in 2007, has council approved a tax increase below Calgary's inflation rate. The latest hike, 4.5 per cent in residential property taxes for 2015, is triple the average annual Statistics Canada inflation rate for the 2010-2014 period in Calgary

What France Can Learn From Canada's Economy

Mark Milke | Posted 02.09.2015 | Canada Politics
Mark Milke

France's economy saw only a weak rebound after 2009 with real GDP growth rates of about two per cent in both 2010 and 2011 before slowing to a crawl with only 0.3 per cent growth in 2012. In comparison, Canada positively raced ahead, experiencing real GDP growth of 3.4, 3.0 and 1.9 per cent in 2010, 2011 and 2012 respectively.

This Tax Tip Will Make You a Philanthropist and Stone-Cold Capitalist

Kevin O'Leary | Posted 04.17.2015 | Canada Business
Kevin O'Leary

A lot of people love to give to not-for-profits during the holidays, which is great. On the other hand, as a stone-cold capitalist, I'm morally obligated to make the most of every dollar I spend or donate...and lucky for you, Uncle Kevin's here to help you do the same.

Feds Hound Senior With Dementia, Parkinson's For $12K In Taxes

CBC | Posted 02.03.2015 | Canada British Columbia

The Canada Revenue Agency is demanding thousands of dollars from a B.C. senior, who suffers from dementia and Parkinson's disease, for failing to decl...