Income Tax Is Like A Four Letter Word

Image Courtesty of Grant Cochrane /Freedigitalphotos.net Income Tax for some people is like a four letter word, they just don’t want to hear it, and dread the April 30th, 2013 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 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 may not realize […]

The Saturday Weekend Review #3 January – Are You Really A Mom?

What’s Been Happening at Canadian Budget Binder? I know I’ve hidden behind the scenes lately and that’s because Canadian Budget Binder has got so busy. I just finished up with an e-book which I contributed to and am anxiously awaiting the new design of Canadian Budget Binder for all of you. Hang tight, it won’t be long. Once we have everything in place I will hold a give-away for our one year anniversary of Canadian Budget Binder with some special sponsors that have contacted me and want to participate. Are You Really A Mom? I know I may be digging into deep waters here but I couldn’t help but tap into what all the noise was about. Mommy Bloggers are not impressed with Elizabeth Banks. I was reading an Interview with People Magazine on Yahoo about Elizabeth Banks an actress in the recent movie the Hunger Games. She was talking about her children now that she has two. She said, “You don’t realize how easy one is until you have two. Now I’m really a mom. Oh, I am a mom now! This is for serious — I am responsible for two people now.”  I’m not a parent so I can’t really say but I’m […]

CBB Family Net Worth Update~October 2012

Posting our CBB Family Net Worth and Budget Update once a month here is a means to motivate ourselves to continue down our financial path. We are a Canadian couple who make an average salary and want to know where we stand each month. We want others to know that you don’t have to make 6 figures to have a Net Worth. There’s no race to the finish line because no one really knows where that line is. You could die tomorrow or you may live until you are 110 years old. What does Individual Net Worth mean? Net Worth is a snap shot of your financial health sort of like a picture. It’s a total of the value of your assets minus your liabilities. Posting our financial numbers is about showing others how budgeting has worked for us. Who’s the Man behind Canadian Budget Binder? My name is Mr. CBB and I’m the frugal guy that does all the talking around here. Yes, some women think Frugal Men are Sexy and I’m here to show you how to spot one! Well not really but I’m sure you will have a good idea just by reading posts I’ve written around this blog. There is also a Mrs. Canadian Budget Binder but she does not currently […]

Canadian Budget Binder-The Saturday Weekend Review #3 November 2012

  Mr.CBB’s  Saturday Weekend Review Well, Halloween has come and gone but I did promise that I would post a picture of the pumpkin I carved. Please don’t mind the obvious blurry picture as clearly I would have gotten out my tripod. Mrs.CBB said, “nah, it will be OK”. So this is her version of “OK” in the following pictures (after a few drinks). I also scooped out the pumpkin seeds like others said they do. I know it sounds strange but it’s only my third pumpkin that I’ve carved. I cleaned the seeds, added some sesame oil, salt, pepper, paprika and steak seasoning lol.. (gosh I hope that’s not odd). Then I roasted them in the oven 2 days after Halloween so I could let them dry out a bit. That’s not entirely true. The tray was taking too much room up on the counter so we tossed it in the oven. Well 2 days later Mrs.CBB says, “Babe, I think we forgot to roast the pumpkin seeds”. They don’t look so appetizing in the picture but I’m currently munching on them as I type this and they aren’t so bad, if you like cardboard. A nice cold beer to […]

Reader Question:Do I Have To Share My RRSP With My Spouse When I Get Divorced?

Another reader of the Canadian Budget Binder blog asked the question, “Do I have to Share my RRSP with my Spouse When I get Divorced”? In Ontario there is the Family Law Act. In simple terms all property acquired after the date of marriage, up until the time of marriage breakdown is deemed to be the property of both parties. The ownership of the property is not a factor. So in short each person is entitled to 50% of the total family property. There are certain exceptions like the family home that was brought into the relationship or received as a gift or inheritance. However to keep things simple we will ignore this. RRSP’s, Stocks, Bonds, Pensions, are all subject to being included under Family Law. So if one spouse had a significant RRSP and the other nothing then the spouse with nothing would be entitled to 50% of the spouse’s RRSP. Note: the courts adjust the value of the RRSP down, by the amount of withholding tax that would be payable if the RRSP were cashed in. So the figure used is less than fair market value of the RRSP. To understand this fully the courts ask each person […]