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 $1.41 trillion in debt – and counting (June 2010)
A number like $1.41 trillion is hard for most Canadians to grasp, and many Canadians would be surprised to find that that figure represents the total debt of Canadian households as measured in the month of December 2009.
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Moving expenses – what’s deductible and when? (June 2010)
A number of factors converged to make the real estate market of the spring of 2010 one of the busiest in recent memory. House prices have been on the rise for some time, interest rates (and therefore mortgage rates) are expected to increase in the second half of this year, and more stringent rules on qualifying for mortgages took effect in April 2010. In addition, both Ontario and British Columbia are moving to a harmonized sales tax effective July 1, 2010, meaning that there will be increased tax payable on a number of services associated with buying or selling a home. more...
The tax benefits of working from home (June 2010)
A number of circumstances and developments have come together over the past few years to make working from a home office, once almost unknown, a common fact of business life. First and foremost, of course, is the technology, particularly communications technology, which enables the home-based worker to have access to all of the information and services available to his or her in-office counterpart. Given the right technology, it’s nearly as easy for an employee working from home to send and receive e-mails through the employer’s communications network and access the people, information, and services needed to do his or her job in the same way as it would be if he or she was at the office. more...
TFSA troubles … and the CRA’s administrative solution (July 2010)
When Tax-free savings accounts (TFSAs) first became available to Canadians in January 2009, millions of Canadians–4.7 million, in fact–took advantage of the opportunity to save on a tax-free basis. They also took advantage of the flexibility offered by TFSAs, but it seems that some of those savers (and perhaps a few financial institutions) were not sufficiently familiar with the details of TFSA contribution and withdrawal rules.
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The federal government’s year-end report card (July 2010)
The financial consequences of the recent recession and of the federal government’s efforts to fight that recession were apparent in the figures released in the most recent issue of the Department of Finance’s Fiscal Monitor. That publication, which summarized the federal government’s revenue and expenditure picture for the fiscal year ended March 31, 2010, indicated that the deficit for the fiscal year stood at $47.0 billion. The deficit reported one year earlier, for the 2008-09 fiscal year which ended March 31, 2009, was $2.2 billion. more...
Federal and provincial tax changes effective July 1 (July 2010)
Each year, at the beginning of July, a number of tax changes, at both the federal and provincial levels, are implemented. This year, the most significant change is likely the implementation, in British Columbia and Ontario, of a harmonized sales tax, or HST. Notwithstanding, the federal government and most of the provinces will implement some change as of the July 1 date.
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Claiming motor vehicle expenses gets easier for small businesses (July 2010)
Many, if not most, small business owners incur vehicle expenses in relation to their businesses and often, the vehicle used is one which is also used for personal travel. Where motor vehicle expenses are incurred for business purposes, a deduction from income may be claimed. However, the need for detailed documentation of such expenses can be a barrier to making such a claim, as few small business owners have the time or inclination to spend a lot of time or energy on paperwork.
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The Government’s Mid-Term Report Card (December 2008)
The end of September marks the mid-point of the federal government’s fiscal year, which runs from April 1 to March 31. September 30, 2008 may seem like a very long time ago from a financial and investment standpoint. However, the state of the federal government’s finances at that time may well provide a “benchmark” as the government moves forward into uncertain financial times. more...
Federal Individual Tax Rates and Brackets for 2009 (January 2009)
The indexing factor for federal tax credits and brackets for 2009 is 2.5%. Consequently, the following federal tax rates and brackets will be in effect for individuals for the 2009 tax year: more...
Federal Individual Tax Credits for 2009 (January 2009)
Dollar amounts on which individual non-refundable federal tax credits for 2009 are based, and the actual tax credit claimable, will be as follows: more...
Federal Corporate Tax Rates for 2009 (January 2009)
The general federal corporate tax rate and the rate applied to income from manufacturing and processing will be reduced from 19.5% to 19%, effective January 1, 2009. more...
Employment Insurance Premium Rates for 2009 (January 2009)
The employment insurance premium rate for 2009 is unchanged from the 2008 rate, but the maximum insurance earnings have increased, as follows: more...
Canada Pension Plan Contributions for 2009 (January 2009)
The Canada Pension Plan contribution rate for 2009 is unchanged, at 4.95% of pensionable earnings for the year. more...
Prescribed Interest Rates for the First Quarter of 2009 (January 2009)
Effective from January 1 to March 31, 2009, the following rates of interest will be levied and paid by the Canada Revenue Agency: more...
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