Canadian Budget Binder

No one likes the word taxes, not even the rich. There’s not much in my 2013 Horoscope that may be true but what we do know is that we will be paying more out-of-pocket in the upcoming year. Along with the typical getting fit and other challenges Canadians might bring to the goal-setting table budgeting and saving money should be top priority. I am hearing it over and over from people that they have more bills than money and are not sure what they will do in the new year.

With the TFSA going up to $5500 in 2013 from $5000 this is great news for any Canadian that can contribute to this amazing savings plan. On the other hand income taxes for the rich in Ontario and Quebec are going up in 2013 according to The Canadian Press.  Those making a salary above $500 k in 2013 will see another federal-provincial tax increase at 49.53 up from 47.97 in 2012. For most Canadians we would love to say our salary is $500 k a year but that’s simply not reality so it won’t bite us in the arse at all. I’m sure once all the final federal budget numbers are out we will see where we need to saddle up and take our finances for a ride.

Highlights from the article which I think are important for those in Ontario and Quebec to review as they apply to them:

• Federal tax bracket thresholds up 2%
• Some income tax and benefit amounts up 2%
• Some non-refundable tax credits will go up along with the basic amount to $11,038 from $10,822
• Healthy Homes renovations Tax Credit $10,000 for seniors or those living with seniors

With the New Year upon us it also has us preparing to file our income tax for 2012. To be honest filing for income tax in Canada compared to the UK is very different as we don’t have to do much of anything at all. Obviously the rates and yearly budgets are just as important to us but we sit back as it’s automated.

If in 2012-2013 in the UK you made the National Insurance lower-income level of £8,105 per year, roughly ($13,062.75 CAD) PAYE (Pay as you earn) will be determined by your employer based on tax code and national insurance category. It’s done for us by the inland revenue through the PAYE scheme which is adjusted automatically from your pay. It’s simply advanced payments of income tax that is due. A couple of times per year it will be re-adjusted and you may get a tax rebate but you don’t have anything to file as it’s all done for you. It’s different if you are self-employed as you would have to file similar to what we do in Canada. I still to this day can’t stand having to add tax on something I buy when I’m shopping. Back home it’s all included in the price which makes budgeting much easier

How will you prepare for 2013

What’s Been Happening at Canadian Budget Binder?

When I’m not getting busy in the kitchen, at work, working out or shovelling snow I’m working hard on this blog. Behind the scenes I partnered up with The Brighter Life to put together a post for Canadians and what we should be focusing on in the new year. You can read that article in my blog posts of the week below. Other than that Christmas has put most people on auto-pilot so it’s been quiet around the blog. Many Bloggers took a week off to celebrate with their families. Although I didn’t take any time away from the blog I did manage to squeeze in plenty of baked goods, drinks and laughter.

I know I keep talking about the blog redesign but I’m really trying to spread the word to let all the fans know that I’ll be moving ship soon so be prepared that you may have to subscribe again to the new site. I’ll keep everyone in the loop as I would hate to not have my fans follow along with me.

I also came out of the voice closet this past week which was kinda of cheeky but fun. I surprised the readers of CBB with a Holiday message and I’m happy to hear that they enjoyed the connection. This is the final recap for 2012 here at Canadian Budget Binder stick around for 2013 it will be a year full of budgeting and saving money here at CBB.

Canadian Budget Binder’s Weekly Post Recap

I’m currently accepting guest posts. If you are a blog owner give me a shout! I can’t guarantee everyone a spot but give me your best topic pitch and show me what your work looks like!

• New Year’s Resolution- Canadian Debt and Tackling Personal Finances
• Mr.CBB’s Weekly Blog Post Picks Dec 27,2012- A Day Early
• The Grocery Game Challenge Dec 24-30,2012-Boxing Day
• Merry Christmas To All!
• Capitalize On Boxing Day Deals in Canada
• Mr.CBB’s Thai Fish Cakes

Blogs That Shared Us With Their Fans This Week!

I know many of my fans read this post as they tell me they wait for it each week. To all of my fans please check out these personal finance Bloggers below and follow them. I read their Blogs everyday and I know that you will benefit from them as well.  Come back each week as I will name other Blogs that I think you should follow!

Thanks to all the Bloggers that link up and share my posts and this is why I do my best to share your posts with my Fans via social media, so thanks! -Mr.CBB

(If I miss You..please let me know as I didn’t get the Ping and I will include your post next week as this runs Sat to Sat so if you linked me on Sat it will show up next week)

• The Brighter Life- What Concerns Canadians
• Eyes on The Dollar- Can’t Take My Eyes Off These Blogs #19- I’m on Vacation
• The First Million Blog- The 99 Best Personal Finance Posts of 2012
• Frugal Rules- Frugal Friday Posts That Ruled- Christmas is Over Edition
• Lil Suburban Homestead- Freezer Mishap Turns Out Amazing Lamb Burritos and Holiday Greetings
• Modest Money- End of 2012 Favourite Blog Posts
• The Outlier Model- Updates Dec 16-22,2012
• My Canuck Buck- Blog Round-up Dec 22,2012
• IHeartBudgets- Weekly Wrap Up, Mentions and Good Reads #25
• Living Debt Free Rocks- Sunday High Fives!
• Work Save Live- Personal Finance Week in Review #44
• Finance Fox- Weekend Recap The Final Recap of 2012
• Reach Financial Independence- Friday Recap

What People Searched to Find Canadian Budget Binder on the Web

Search terms of the week are really a hoot! Here are a few of them for your viewing pleasure.  What are you saying about them? Any typos below are simply the person who searched who made the error or me 

I’m happy to report that Canadian Budget Binder was the top search term for the 2012 year.  I was also thrilled to see that fans were searching my recipes. It’s always nice to see that what you cook in your own kitchen others want to try. It’s nice to see that fans are now searching for my blog and I hope to see traffic increase in 2013.

Top Pick: When you’re in love you remember 30% more of your dreams- I guess I’m head over heals in love because I almost always remember my dreams. I’d love to learn the science behind that one! lol

• Dog Budget- Must learn to budget my biscuits. Dogs have hard-working jobs and must budget their money like the rest of us haha!
• Should I go for a man with money- You can go for whatever you want but don’t be disappointed with the potential outcome. Money is not love.
• When servants and masters change rolls- Sounds Kinky to me!
• What British women want in a man- Been there done that

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Related articles

• Income taxes to rise for the very wealthy in Ontario, Quebec (ctvnews.ca)
• Income taxes going up for the very rich in Ontario and Quebec (macleans.ca)
• Bad news for Ontario’s richest in 2013 (macleans.ca)
• Taxes up for the rich in Ontario and Quebec (metronews.ca)