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Canada Taxes

Is an RRSP the Right Choice for You?

Cleo Hamel | Posted 04.27.2013 | Canada Business
Cleo Hamel

We all want to retire at some point, so saving money for the future is a good idea. And RRSPs are one of the best tax shelters available to Canadians. But RRSPs do not offer a great deal of flexibility if you need to withdraw the money early. Before you make an RRSP contribution, you should decide if it is the right choice for you.

The $3.6 Billion Extra Canadians Are Paying for Goods

Mark Milke | Posted 04.21.2013 | Canada Politics
Mark Milke

Whenever Canadians cross the border, it is inevitable they will find cheaper goods in the United States. There is a reason that helps explain part of the price differences: $3.6 billion in customs tariffs. All consumers would benefit from more competition and an end to anti-consumer tariffs. But more importantly, low-income Canadians would benefit the most.

B.C. Budget 2013: How To Tame The Deficit?

Charles Lammam | Posted 04.21.2013 | Canada British Columbia
Charles Lammam

Tuesday's provincial budget is supposed to present a plan to finally balance the books. But after four consecutive years in the red, British Columbians can't yet breathe a collective sigh of relief. Critically important is how Finance Minister Mike de Jong plans to eliminate the deficit. Will he take the path of tax increases or spending reductions? He would be wise to go with the latter. And this is why...

File Your Taxes -- Electronically

Cleo Hamel | Posted 04.13.2013 | Canada Business
Cleo Hamel

It is not exactly a date marked on every calendar, but February 11 is the official start of tax season. It is the day the Canada Revenue Agency opens its electronic filing system for 2012 returns. There have been some changes to NETFILE this year to make life a little easier. Here's what they are.

Increasing Alberta's Taxes Is A Dumb Idea

Mark Milke | Posted 04.09.2013 | Canada Alberta
Mark Milke

The last time Alberta was in a fiscal mess due to low energy revenues and over-the-top government spending, some politicians and pundits said what Albertans really needed was higher taxes. That was back in the late 1980s and early 1990s. Those voices were wrong then and they are wrong now.

Tax Season Is Here: How to Fill Out a T4 Slip and Get Your Return

Cleo Hamel | Posted 04.03.2013 | Canada Business
Cleo Hamel

Not everyone likes February. It can be cold and snowy, and it is the official start of tax season, so it is easy to see why it may get a bad rap. But the end of the month is also the deadline for Canadian employers to issue T4 slips, and they can lead to a tax refund.

The Decline of Corporate Montreal

Charles Lammam | Posted 04.02.2013 | Canada Business
Charles Lammam

Over the years, Quebec has earned a reputation as being hostile to business due to persistent anti-business policies. As a consequence, Montreal has declined as a hub for major corporate headquarters. With a lower concentration of large corporate headquarters, the city loses out on many economic benefits. The government of Quebec should take seriously the long term decline of Montreal as a major corporate hub.

Dude, Where's My Tax Form?

CP | The Canadian Press | Posted 04.02.2013 | Canada Politics

OTTAWA - A major seniors' group called on the government Thursday to return to routinely mailing income tax forms but the minister in charge she doesn...

Don't Tax the Rich

Charles Lammam | Posted 03.25.2013 | Canada Politics
Charles Lammam

The reality is that raising taxes on upper-income earners comes at a large economic cost. It's true that polls consistently show majority support for increasing taxes on the wealthy. But so what? Populism is hardly a sufficient yardstick for good policy.

The Government's Addiction to Smoking

Phil Froats | Posted 03.20.2013 | Canada
Phil Froats

When you look at the numbers alone, it boggles the mind why there have not been more measures taken to curb or eliminate smoking altogether. One of the main reasons is governments' addiction to tobacco taxes. At times, they show their true colours and flash this addiction for all to see.

How The B.C. Government Is Picking Our Pockets

Dermod_Travis | Posted 03.19.2013 | Canada British Columbia
Dermod_Travis

Governments can and do cut income tax rates for a variety of political reasons, while simultaneously raising fees on a dizzying array of other services to offset those cuts. Somehow they can do both at the same time with a straight face. A toll here, a casino there and the B.C. government is doing its best to find more-and-more imaginative ways of picking our pockets without hiking income tax rates.

The Depardieu Saga Is Oscar-Worthy

Diane Francis | Posted 03.16.2013 | Canada Business
Diane Francis

I've always enjoyed Gérard Depardieu as an actor, but his most recent role, as an international tax dodger, is pure Academy Award quality. For those unaware of his theatrics, Depardieu left France last month in a huff over its proposed 75% income taxes on rich people. This is ironic: His surname in French sounds like it could mean "departure of God" in English.

Canada Take Note: America's Tax System Is Messy But Good

Diane Francis | Posted 03.06.2013 | Canada Business
Diane Francis

Of course, the U.S. is not a paragon of virtue and has gotten itself into a big fiscal mess, due to panic over 9/11, the 2008 debacle and unjustifiable tax cuts and wars paid for with a national credit card. But this week, after two years of haggling, illustrated that a system of checks and balances eventually imposes discipline by forcing the public and politicians to engage fully in financial decisions.

The Government's Grinch-like Restrictions on Holiday Travel

Mark Milke | Posted 03.05.2013 | Canada
Mark Milke

Question: Have you ever felt annoyed at a restaurant when your bill arrived with a mandated tip, thus removing your (monetary) ability to comment on the service? If so, that's about how governments act vis-à-vis travel costs for Canadians, this when governments prevent full competition which would reduce prices. For example, consider a trip the average Canadian family might take this holiday season.

Another Bitter Year Brewing For B.C. Taxpayers

Jordan Bateman | Posted 02.26.2013 | Canada British Columbia
Jordan Bateman

Once the champagne is drunk, the noisemakers go silent, the balloons pop and the New Year's kisses end, 2013 will bring one nasty hangover for cash-strapped B.C. taxpayers. Taxes, fees and levies from all levels of government are set to go up, leaving even less of your hard-earned money in your pocket.

Your Share of Canada's Government Debt: $34,000+

Charles Lammam | Posted 02.16.2013 | Canada Politics
Charles Lammam

The management of public finances may not have received due attention from the premiers in Halifax. But as our federal and provincial political leaders gear up for next year's budget season, they would be wise to acknowledge the seriousness of growing government debt and put forth bold plans to balance their budgets. Kicking the debt down the road simply isn't an option.

How Dalton McGuinty Botched Fiscal Policy

Charles Lammam | Posted 02.11.2013 | Canada Politics
Charles Lammam

At a recent political event, outgoing Premier Dalton McGuinty touted his legacy as leader of Ontario. "Our government hasn't been perfect," he said. "But when it comes to the big things that families count on us to get right -- schools, health care, the environment, and the economy -- we've gotten it right every time." As is often the case, there's a gap between rhetoric and reality. That's certainly the case when it comes to McGuinty's claim about the economy.

The Case Against Taxing Soda

David Gratzer | Posted 01.14.2013 | Canada Politics
David Gratzer

The biggest target of obesity in North America? Soda. Many experts now claim that soda is the new tobacco -- indeed, Google those terms and you get more than 7 million hits. For them, Coke is the new Camel. Let me take a step back and note the basic problem in fighting obesity like we fought tobacco.

Government Ads Use And Abuse Taxpayers' Money

Jordan Bateman | Posted 01.05.2013 | Canada British Columbia
Jordan Bateman

Once upon a time, a popular opposition firebrand named Christy Clark stood up in the B.C. Legislature to rip the NDP government for spending tax dollars on shameless, self-promoting advertising. Fast forward 13 years and there was Clark, now B.C. Liberal premier, last week holding court for 90 seconds of taxpayer-funded TV ad time to laud her B.C. Jobs Plan -- even promising that four more weekly installments are on the way.

How Cutting Taxes Actually Helps the Economy

Tim Hudak | Posted 12.25.2012 | Canada Politics
Tim Hudak

Two aspirations for Ontario -- to be the engine of Canadian jobs again and to have world-leading public services -- are interdependent, not separate, goals. We can't have one without the other. And Ontarians deserve both. Instead of grants and handouts to the politically connected, I believe tax cuts create jobs. Tax relief creates jobs, grows the economy, and stimulates new business investments.

Before You Choose a Business Location, Consider Taxes

Elio Luongo | Posted 12.25.2012 | Canada Business
Elio Luongo

There are many variables when examining which country is best for business, whether it be demographics, infrastructure, cost of living or personal quality of life. An important consideration when deciding where to set up shop is total tax costs. The tax landscape is a delicate ecosystem, and even the slightest change can certainly impact a location's overall competitiveness. A competitive tax structure is crucial to attracting inbound investment, spurring innovation, and creating skilled jobs.

With Return Of The PST, Tax Reform Needed To Keep B.C. Competitive

Niels Veldhuis | Posted 12.18.2012 | Canada British Columbia
Niels Veldhuis

To encourage businesses to invest and expand their operations in B.C., the focus should be on making B.C. the most investment-friendly jurisdiction in Canada. To that end, the government should put forth a tax plan to reduce the crushing blow to B.C.'s competitiveness in light of the PST's rebirth.

Lorraine, was it? Highlights from The Presidential Town Hall Debate

Hina P. Ansari | Posted 12.17.2012 | Canada Politics
Hina P. Ansari

Last night Obama needed to win. There really was no other option. Obama was so on (and then some) that you could feel Bill Maher's elation when he tweeted about the return of the "Black Ninja." Then it got seriously real when the issue of energy and drilling companies motivated both to pretty much get into each other's grills creating one of many unexpected and unforgettable moments. Moments such as a woman named Lorraine. Or was it Lorianne? In fact, there was a binder full of women. Romney attempting to spike the ball by asking Obama repeatedly if he has in fact checked his (much smaller) pension. And Michelle and Ann's fashion blunder.

Found: $3M

CP | Dean Beeby, The Canadian Press | Posted 11.29.2012 | Canada Politics

OTTAWA - The Canada Revenue Agency has uncovered millions of dollars worth of missing taxes by doing a simple credit check that the banks have been us...

Politicians Face Trending Scandal: FatGate

David Gratzer | Posted 10.24.2012 | Canada Politics
David Gratzer

Only a few years ago, if you'd attacked a politician for his weight, or complained about where she ate her dinner, it would be seen as poor form. Reporters could write about a politician's views on taxes and trade, but the burgers and buns on his dinner plate were off limits. How times have changed.The fight against obesity has mobilized a growing number of public health zealots, who've taken a punitive, selective and judgmental approach to anti-obesity policy.