INCOME TAX TIPS YOU SHOULD KNOW Income Tax for some people is like a four letter word, they just don’t want to hear it, and dread the April 30th deadline we have here in Canada to file a personal income tax return. But it does not need to be like that. I have prepared and been filing personal and small business tax returns for over 15 years. What started for me as a seasonal job, with H&R Block to supplement my regular income, has turned into a small business. I find it incredibly rewarding when I help people take advantage of all tax credits that are available to their families. From arts and sports credits for kids, to home improvement credits for seniors, there are many credits people don’t think of when filing their taxes. Tax Credits Tax Tip: Did you know that if your Grandmother needs a shower bar in her bathroom, that she can get a tax credit for having it installed? If you need to have your home wheel chair accessible, there is a credit for that too. Most people know of the popular tax credits, medical, rent, property taxes, and childcare. What they […]
The Saturday Weekend Review #11 December 2012- Taxes
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 […]
March 2012 Canadian Budget Binder Budget Update
Hi there folks, I’m back with the March 2012 budget update for Canadian Budget Binder. You probably already know but we’ve just finished designing the Canadian Budget Binder Budget Spreadsheet and have tested it out this past month. We are continually trying to improve the sheet and so far we are very happy with the outcome. In the upcoming month we will look for a few volunteers to test it out and give us some feedback. Most of the excitement has come from the “projected expenses” the expenses we have decided to budget in each month and transfer to a separate account until they come due. Many of my fans agreed that when it comes time to pay one of these projected expenses they had to pull money from their savings or emergency savings to pay the bill as there was not enough money left in the budget. Some even went as far as to put it on a credit card or use the line of credit as the money just wasn’t in the budget. It’s the small things we tend to overlook and I really don’t want to be dipping in our savings to pay for them. The Emergency Savings is […]
February 2012 Canadian Budget Binder Budget Update
$ How much did you spend this month? Well here we are again folks at the end of another challenging month for us. We have worked hard at making changes to our budget as we had found some flaws in our 2011 budget. We also went ahead and simplified the budget so we are putting away money each month for purchases we KNOW will happen this year. That way the money is saved bit by bit monthly and no surprises when it comes time to pay it. We also don’t want to use our emergency savings for bills that are not an emergency. So here are our last figures for February 2012. I thought we would be over budget after the 20x points event at SDM but we are on track. These darn events are amazing but can put a dent in our grocery budget. The good thing though is we only buy items we WILL need and WILL use so our future grocery bill will be less. You can’t deny that Shoppers Optimum Points is the best loyalty program out there. One reader asked about our grocery budget and what it includes. My answer was all household cleaning products, pet […]
