Quiz: Common Tax Mistakes
Filed under: Taxes
We all make mistakes, it's only human.But mistakes during tax season can cost you big time. That's why WalletPop devised a quick quiz to update your knowledge on common tax no-nos before the ultimate test comes on April 30.
Worried about an audit? Curious about late fees? Whether you're a tax expert or in need of some knowledge, you can take the test below for a quick refresher on the best tax practices in times of trouble.
Tax Record Organization Tips: What to Keep, How Long to Keep it and More
Filed under: Taxes
You weren't the most organized of taxpayers this year.You threw every receipt into an overstuffed drawer and avoided opening it until April. When tax season reared its ugly head, you sorted bits of paper for hours and pondered, "What was this receipt for again?"
But next year will be different. Next year, you'll meticulously keep records, store it in fancy accordion-style folders and file in January, not on April 29. Right?
Here's how to maintain tax records so that you, a personal accountant and an auditor can find it, deduct the amounts or process it -- without losing your mind.
What to Keep
Deciding which records to toss and which to keep can have a huge impact on your return and unfortunately, the process isn't cut and dry.
Is Your Antique Trash or Treasure?
Filed under: Auctions
The very moment you find that antique tea service tucked away in your attic, illusions of fabulous wealth take hold.Who knew your great grandmother hid this rare treasure all those years ago? Maybe a famous artist painted it on his death bed in the 19th century, or perhaps a royal used it when entertaining dignitaries.
Or maybe you've watched too many episodes of Antiques Roadshow and it's just junk from your attic.
How do you know if you've got something special on your hands? And if so, what should you do with it?
For starters, you can take your antiques to Toronto's Gardiner Museum for an antiques identification clinic on Tuesday April 12 from 10 a.m. to 12 p.m.
Charles Mason, chief curator at the museum, Bill Klime of Waddington's auction house and Peter Kaellgren, retired ROM curator, will be on hand to identify antiques (except for toys, coins and a few other items).
Expensive Celebrity Divorces: Outrageous A-List Settlements
Filed under: Celebs & Money
Love doesn't come cheap, and for celebrities, neither does divorce.When an A-list couple hits the skids, everything is up for grabs; the royalties, the house -- and in one special case, the private jet.
Haven't these people ever heard of prenups?!
Apparently not, because the most infamous celebrity divorces range from a couple million dollars to half a billion U.S. dollars. Talk about heartbreak!
Check out WalletPop's gallery to see which stars paid the big bucks to get rid of the old ball and chain.
Prevent Break-Ins During Vacation: How to Fool Burglars
Filed under: House & Home, Holidays
Whenever you head to a far-off destination, your unoccupied home becomes an easy target for burglars.Not to worry -- as the old saying goes, 'The best offense is a good defense.'
New security technology, trusted neighbours, and plain common sense will all help to fool those pesky thieves.
Following these few simple steps will protect not only your home and your valuables, but also your peace of mind.
Lock Your Doors
It's a no-brainer, but 50 per cent of all break-ins occur as a result of unlocked doors.
Not just any lock will do. Burglars look for weak locks that they can break with force. Use deadbolts with a one-inch throw bolt on all exterior doors.
Now that you've got the right locks on your doors, you need to know how to protect your keys.
Spring Break Saving: Planning Ahead to Stretch Your Dollar
Filed under: Budgeting & Planning, Travel, Holidays
Students who scrimp and save for a spring break vacation want their dollar to stretch as far as it can go. And a smartly-invested dollar can stretch much further than one hastily spent.Trust me, I should know. Before I packed my bags for Europe, I had planned almost eight months in advance and knew where each dollar went.
I accounted for everything from the cost of guidebooks to the money I would save by ripping the pages out so I wouldn't have to check an extra bag on my flight.
While I am a thrifty planner at heart, others may not plan their trips with the same obsessive attention to detail. To those student travellers, I offer a few tried and true ways to travel on the cheap by planning ahead.
Students: Would You Opt Out of Health Care?
Filed under: Health, Insurance
Every September that I enrolled in university, I would eagerly anticipate finding a cheque in my mailbox.It wasn't much; only a couple hundred bucks -- just a small sum for opting out of the school's health plan.
Most full-time post-secondary students automatically sign up for health insurance when they pay their student union fees.
And in most schools, students can get a refund if they have access to similar coverage in Canada, on their own or through a relative.
But if you're a student like Mark Single, an engineering major at Ryerson University, opting out and getting that cheque in the mail isn't so easy.
Single attempted to opt out of Ryerson Student Union's (RSU) Members' Health and Dental Plan earlier this term, the Eyeopener reported.
"I should have the freedom to choose how I take care of my personal health," he said.
Peer-to-Peer Car Sharing: Would You Let a Stranger Drive Your Car?
Filed under: Entrepreneurship
Your car depreciates by 50 per cent the miniute you drive it off the lot, so wouldn't it be nice if the car could earn it back?Now it can. In the U.K. and the United States, new peer-to-peer car sharing companies are allowing individual car owners to rent out their wheels for profit.
The service has yet to appear in Canada, although companies such as AutoShare and ZipCar have operated here for years, making it possible for program members to hop in and out of rental cars at a whim.
But what if that was your car?
How to Invest in Post-Secondary Education
Filed under: Employment & Careers
I'm the first to admit that my $20,000 university degree is not what you'd call practical.Unsure of my career path at age 17, I hastily enrolled in university. Why? Because that's just what parents, teachers and even students expect.
After a year spent bouncing between humanities majors and three more spent studying useless theories, graduation seemed imminent. Cue panic attack.
"How will I make a living with a humanities degree?" I thought.
As a kid, I had always assumed I would earn the same salary as my parents, but my choice of major made this seem less probable. Instead, I graduated without a clue or a job.
I'm not alone.
Student Debt Dilemmas
Filed under: Loans, Back to School
At first glance, student loans seem nothing short of magical. The government or bank advances you thousands of dollars so you can go make something of yourself. But students need to read the fine print more carefully. In my experience, as graduation -- and the collection date -- nears the debt begins to weigh on you. And when the bill comes due it's usually a hefty one to pay off.
In 2004, Statistics Canada reported that post-secondary student debt rose 76 per cent from 1990 to 2000, the CBC reports. And that was over ten years ago. Since then, tuition fees have jumped up 25 per cent, which means the average price tag for a four-year university degree now reads $17,000.
Are you in the market for a bachelor's degree? Expect a debt of $19,500. College grads can count on owing about $12,600. Tack on interest and higher education becomes a verified nightmare.
How's a student to turn the red ink to black? Read on for some tips for future and existing debtors.




