Beef up your savings. The Tax-Free Savings Account won't arrive until 2009, but it may not be a bad idea to, well, start saving for the savings account. John Waters, manager of tax planning for BMO Nesbitt Burns in Toronto, suggests putting some money in an interest-bearing account for now (such as a short-term GIC or high-yielding interest savings account) and then transferring the funds to the Tax-Free Savings Account in 2009. You'll have to pay taxes on the interest this year, but won't risk your investment losing value. It also means you won't have to deal with the complications of capital gains taxes and the like -- which you might have to if the money is put into stocks or equity mutual funds. This is exactly what Leefe's youngest son, Erik, is planning to do. Now a high school ph...
If you or someone you know is in the category listed above (for tax purposes a "U.S. person"), I strongly recommend getting proper U.S. tax advice and to catch up on U.S. tax filings if you have not been filing the 1040-NR return. Even Canadian citizens who own U.S. property or U.S. investments have to be aware that they may be caught by the American estate tax net. According to [Carol Fitzsimmons], the IRS can go after a deceased person's assets in the U.S. and also after the U.S. assets of the heirs of the estate. That's a scary prospect. To do this, you add all of the days you will be physically present in the U.S. in 2007, one-third of the days in 2006 and one-sixth of the days in 2005. If this total is more than 182 days and you will spend 31 days or more in the U.S. this year,...
When he was leader of the taxpayers' federation, [Stephen Harper] once campaigned for the elimination of federal GST taxes at the pumps, [Adrienne Batra] told reporters before she started handing out cash. No one wants to talk about it," Batra said. "Consumers should contact the Prime Minister's Office and demand lower gas prices ... and to eliminate the $1.6 billion in GST we pay. That's the one (tax) that grows every time the gas price goes up," Batra said. "We became convinced that, quite frankly, there was a limited amount we could do in terms of helping consumers specifically with gas prices," Harper said. "That's why, instead, we decided to cut consumption taxes more generally to help consumers in that way.
By David McConkey "What! I have to pay more taxes?" I hear this lament as I work as a tax preparer part time during the income tax season. [...] we are all in favour of children's fitness and home renovations, to name two of the Harper government giveaways on the tax return. If we don't face up to such realities, how are we going to tackle big challenges like government deficits, environmental problems and global disparities? DISCOURAGE MARRIAGE?
We prepared to govern but I certainly wouldn't mind going to the polls on an economic statement like this," said [Vic Toews]. "This is quite significant. "I'm in favour of tax cuts," said Finance Minister Jim Flaherty just after delivering the fiscal update turned mini-budget. "We think Canadians pay too much tax. For those earning $60,000 to $100,000 annually, "it's not a huge deal," she said of Tuesday's proposals.
If the higher-income earner is receiving monthly payments from a pension plan, she will continue to get that benefit," says Dave Ablett, director of Tax and Retirement Planning at Investors Group. "All that's happening is she is allocating a specific percentage of that income to her spouse for tax purposes. "If one spouse is receiving CPP and the other isn't, you can apply to have those payments split between spouses so that they each receive half the CPP payment," says chartered accountant Bob Walker, director at PKBW GROUP Chartered Accountants & Business Advisors. "That would show up on their tax return, half on one spouse's and half on the other." "It still does give you some flexibility," he says. "It's still a good idea to contribute to a spousal RRSP if one spouse has more ...
It's just every year people forget, and then in April, they go, 'Oh man! I could have done this,'" says Carol Bezaire, vice-president of tax and estate planning at Mackenzie Financial in Toronto. "Tax-free savings account (TFSA) contributions end December 31, for instance, but there is accrual," she says. "If you don't make a contribution, then it rolls over to next year as long as you file a tax return. "If you're going to make a spousal RRSP contribution, do it in November or December instead of January because the attribution rules when it's taxed to the donor's spouse run the current year plus two," she says.
Gumnieny is currently on limited disability insurance so he was excited at the prospect of cashing his $1,500 tax return cheque.
One of the first voluntary disclosures [Robert Weighell] did was for a young person who hadn't filed an income tax return for 10 years, despite having no exemptions from paying taxes. "I asked, 'why are you coming forward now?' The person felt, for whatever reason, Revenue Canada was going to find out about them," said Weighell. Many accounting firms and tax lawyers will do voluntary disclosures on behalf of clients, and many choose this less intimidating option to avoid face-to-face dealings with the taxman. But results would be the same as if you go to the CRA directly, says Gabriel Teterenko, a voluntary disclosures program officer in Winnipeg. "The requests and conditions and what I'll be able to provide them for tax relief or penalties will be exactly the same," Teterenko said. One...
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