FILE YOUR NEXT INCOME TAX RETURN WITH CONFIDENCE As we welcome another tax year I thought it would be fitting to get to know what’s new for the 2018 income tax season in Canada. The last thing any Canadian tax payer wants to find out is that an expense is no longer being offered as you prepare to file your income tax return. This has happened to us but this year we took control and made sure we knew the answers that would affect our family and our income tax returns. Expectations and reality are two different things with income tax in Canada which is why I did not hesitate to bring in the professionals to have your 2018 income tax questions answered. I was fortunate enough to have the opportunity to ask UFile resident tax expert Gerry Vittoratos your most important 2018 Income Tax questions. Earlier this month I asked you, the fans of Canadian Budget Binder if you had any income tax questions you for Gerry so we could get answers to the most important questions YOU have. Below are your questions all answered by Gerry along with information from Canada Revenue. Everyone ALWAYS asks this question, so […]
Saving almost 50% of his Gross Income is no longer a dream
YES THAT’S BEFORE TAXES In my February 2015 net worth update post I mentioned I was saving approximately 50% of my gross income – my goal for 2015 is 45%. The reason I set this goal is my expenses in life right now are likely the lowest they will ever be for the rest of my life (not married, no kids, modest house), so it’s important to focus on savings while the going is good. I suspect that my salary will increase at a modest rate for the next few decades; however, my expenses will increase at a higher rate. The key thing about my savings rate is a lot of it is a result of preemptive planning. Below I’ll tackle each piece of my expenses and discuss tips and ideas on how you can trim these down in your own budget. Government deductions The government seems to always have his hand in our pocket. This expense is without question my largest, which requires some careful planning to ensure I’m not needlessly paying too much. The main focus of any budget conscious taxpayer should be to legally minimize taxes in a cost-effective manner. As a chartered accountant […]
