Author: Chris Atchison, Special to The Globe and Mail For many high-net-worth individuals, investing in real estate – whether commercial or residential – seems like a sure bet, particularly after years of double-digit price increases in hot markets such as Toronto and Vancouver. “As long as it’s producing positive cash flow and you’re getting a … Continue reading How investing in real estate can easily go sideways
Author: Nina Dragicevic, The Toronto Star From buying rental property to paying for school, RRSPs can help you hit your targets If you’re going to make a mistake, make it while you’re young. Josh Goodwin, at 20, got his first credit card in college and immediately maxed it out, he admits, “like a lot of … Continue reading Put your lazy retirement savings to work
Author: David Hodges, The Canadian Press Knowing these lesser-known tax deductions and credits could save you hundreds or possibly thousands of dollars. In the mad dash to file taxes before the April 30 deadline, Canadians often miss out on easy tax breaks, say experts. Knowing these lesser-known tax deductions and credits could save you hundreds or … Continue reading Overlooked tax credits and deductions that could save you thousands
Jennifer is an engineer who has been working at a Vancouver firm part-time while caring for her ill father. But her dad recently died and she’s ready for a full-time position. At a convention, Jennifer strikes up a conversation with the CEO of an engineering company in Portland, Ore. The CEO is so impressed that … Continue reading How to apply for TN status to work in the U.S.
Although real estate can provide many lucrative opportunities for investors, the practice is often accompanied by a host of tax-related challenges. In fact, investors who don’t adequately prepare for tax season may find themselves in dire financial straits.“If you go about it the wrong way, such as structuring your business incorrectly, you could end … Continue reading When to incorporate & How to Strucure Your Business for Tax Efficiency
Many out-of-pocket costs qualify by Bryan Borzykowski March 30th, 2016. From the April 2016 issue of the magazine MoneySense. Come tax-filing time, be sure to dig up all drug and dental receipts. Any claims that aren’t covered by an employer plan qualify for a 15% tax credit. In fact, many health-related costs you pay out … Continue reading Tax deductions for medical expenses
Income tax, GST/HST and company’s commission cut deep into drivers’ take-home pay Sean Davidson · CBC News March 16, 2016 Tax experts say the most common misconception among those who drive for Uber and its competitor Lyft is that their earnings are tax-free. (Andrew Harrer/Bloomberg ) It’s been said there’s no such thing as a … Continue reading Uber drivers often unaware of tax obligations
Canadian tax law still catching up with quick pace of growth in sector Sheena Goodyear · CBC News March 1, 2016 Crowdfunding is a popular way to raise money for projects big and small, but the tax rules governing it are still evolving. (Vectortone/Shutterstock ) Canadian publisher and entrepreneur Hope Nicholson has one piece advice … Continue reading TAX SEASON 2016: HOW THE CRA DEALS WITH CROWDFUNDING
Are you a small business owner who is experiencing the cash flow woes? Is your financial situation not matching your company demands? Factoring allows companies to use their biggest asset to assist with the growth of their company. You can learn more about how a Toronto based security firm has used factoring to their advantage … Continue reading Security firm found a way to lock in cash flow
A common issue that plagues the majority of young Canadian households is financial planning for the future. Even with defined pension plans, most households will struggle to be financially secure. That is why it is crucial that you generate extra revenue streams for various different investment vehicles. Renting out free space in your home could … Continue reading This young couple can ‘have it all’ – but it will take some juggling
When moving from the United States to Canada, it is crucial that one takes into consideration the large tax implications, especially if ties such as ownership of rental properties continue to exist. Managing multiple properties and reporting income within two different tax systems can be extremely gruesome. In this article entitled “Northern Exposure” by Andrew … Continue reading Northern Exposure
Allan Madan recently sat down with Jessica Bruno from the Advisor’s Edge magazine to discuss how Canadians working in foreign countries can take a “tax vacation.” They talk about how you have to sever ties from Canada before moving to your new country and which countries have a tax treaty with Canada. They also touch … Continue reading Can You Take a Working Tax Holiday?
While spreadsheets have many benefits for small business owners, overusing them or using them in the wrong way can create a myriad of different business problems… with vast implications. Some of these problems include lack of data concurrency, difficulty with collaboration, workflows are hard to define and enforce, and using spreadsheets for accounting can put … Continue reading 5 More Dangers of Spreadsheet Overuse (Part 2)