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 […]
Financial Advisors: 101~Get The Inside Scoop!
Financial Advisors, who are they? Well I’m here to give you the inside scoop! ETFs, S&P, TSX… do these acronyms make you nervous? RRSP, TFSA, RRIF, RESP, index mutual funds… have you broken into a cold sweat yet? Do you find that your financial worries are keeping you up at night? Questions like,“Do I have enough to retire?” “Will I have to work until I’m 70?” “Can I afford to have my first kid or another one?” “Can I afford to buy my first house or my first rental property?” But I have a financial planner! They’re professionals and they’ll take care of all those questions for me. Phew, right? Well, they should be, technically. But how many of you can answer those questions with some sort of confidence based on what your financial advisor has told you? I have heard A LOT of justifications on why “my financial advisor is great!” “They’re friends of the family… we went on a cruise with them… lots of people we know use them… they’re good at all that investing stuff… they have lots big clients so they must be good.” Nothing riles me up more than hearing answers that really have NOTHING […]
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 December 2012 Net Worth Update-A Look Back Over The Year!
I’m about a week late with our December net worth update but the good thing is I pulled the numbers on the first of the month. If you remember last month I found a concern I had with pulling the numbers even a week into the next month which messed everything up. Now that the 2012 year is over we can reflect on how we did overall. When we started in January 2012 we began with a net worth of $317,069.63. Our initial house value was not accurate which we corrected in February along with the addition of the value of our 2 vehicles. This would have artificially inflated our net worth gains from January 2012-February 2012 so we dismissed them from our 2012 net worth final calculations. In March we received back a loan of $30,000 which was added to our net worth but in the chart you can see this reflected in the figure $89,970.32 gain in net worth. As this is not a regular occurrence under the difference column I removed the $30,0000 to give a us a realistic accumulated figure of $59,970.32. Payments made throughout the year reduced our outstanding mortgage balance from $163,654.92 to $154,000 as at end of […]
Budgeting With Mr.CBB Got Us Back On Track!
IT’S AMAZING HOW MUCH YOU CAN ACCOMPLISH WITH YOUR DEBT WHEN YOU JUST TALK TO SOMEONE WHO CAN OFFER YOU SOLID ADVICE. A True Budgeting Story: Thanks for sharing your story Jen. Fans-I realize it’s longer than a normal post but I felt it important to share her full story rather than bits. This is very inspirational and I hope you enjoy it and realize anything is possible. Thank you for being a loyal fan Jen and keep on budgeting!-Mr.CBB When I was younger I remember my parents always saying they were “in the hole” and talking about their credit line. We were never really went without anything and we still took family vacations (more so as I got a little older). Now, in my early to mid 30’s with a husband and a 20 month old son, we are over $41,000 (Line of credit and two car loans) in debt not including the mortgage. Our Story I got my first job at 14 and worked all through high school and college (I was lucky enough that my parents paid for my schooling). I have always been in and out of debt since I was young and it wasn’t until now […]
