Walletpop Canada http://www.walletpop.ca/blog Walletpop Canada http://www.walletpop.ca/blog/media/feedlogo.gif Walletpop Canada http://www.walletpop.ca/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Tax-Free Savings Accounts: What Are They Good For?http://www.walletpop.ca/blog/2011/05/07/tax-free-savings-accounts-what-are-they-good-for/http://www.walletpop.ca/blog/2011/05/07/tax-free-savings-accounts-what-are-they-good-for/http://www.walletpop.ca/blog/2011/05/07/tax-free-savings-accounts-what-are-they-good-for/#commentsFiled under: ,

The tax-free savings account (TFSA) was introduced by the Conservative government in time for the 2009 calendar year. A recent poll showed that fewer than 25 per cent of Canadians have opened one.

So what are they? A TFSA has some similarities to a Registered Retirement Savings Plan (RRSP). Both are tax shelters and the same types of accounts and investments can be used in both. The major difference lies in tax treatment, and how much you can put in.

RRSPs were designed for retirement and will defer income. Any amount you put in reduces your income for tax purposes, but becomes income when you pull it out. A TFSA has no such advantage. However, any income made by investments in the TSFA plan - whether interest, dividends or capital gains are not taxed while within the account. Although TFSAs are being marketed as tax-free savings tools, at current rates there's not much point in just leaving the money to accrue tax-free interest. Their main advantage lies in being able to make money by investing the money in them, without paying taxes until you withdraw.

Continue reading Tax-Free Savings Accounts: What Are They Good For?

Tax-Free Savings Accounts: What Are They Good For? originally appeared on Walletpop Canada on Sat, 07 May 2011 11:00:00 EST. Please see our terms for use of feeds.

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]]>capitalDividendsTax saving tipsTaxSavingsTerry FongSat, 07 May 2011 11:00:00 ESTSix Common Tax Deductionshttp://www.walletpop.ca/blog/2011/04/15/six-common-tax-deductions/http://www.walletpop.ca/blog/2011/04/15/six-common-tax-deductions/http://www.walletpop.ca/blog/2011/04/15/six-common-tax-deductions/#commentsFiled under: ,

tax deductionsWe all want as many tax deductions as we can get, because tax deductions are a legitimate way to reduce your taxable income and when our taxable income is reduced we pay less income tax.

The bad news is that, compared to tax credits , there are relatively few deductions available to Canadian taxpayers. But here's six many of us can take advantage of.

1. RRSP Contributions

The most common deduction is money invested inside a Registered Retirement Savings Plan (RRSP). Money (and income made on it) inside an RRSP is sheltered from being taxed in the current year. It will, however, be taxed in later years - presumably when you are retired and not making as much income as your income earning years. But the plan is that your tax rate is usually lower, so you should get to keep more of your money by the time you withdraw it.

Continue reading Six Common Tax Deductions

Six Common Tax Deductions originally appeared on Walletpop Canada on Fri, 15 Apr 2011 13:00:00 EST. Please see our terms for use of feeds.

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]]>canadian taxesCanadianTaxestax deductionsTaxDeductionsTerry FongFri, 15 Apr 2011 13:00:00 ESTHow Tax Credits Differ from Deductionshttp://www.walletpop.ca/blog/2011/04/12/how-tax-credits-differ-from-deductions/http://www.walletpop.ca/blog/2011/04/12/how-tax-credits-differ-from-deductions/http://www.walletpop.ca/blog/2011/04/12/how-tax-credits-differ-from-deductions/#commentsFiled under:

tax credits and deductionsTax credits may be one of the least understood parts of filing taxes. Well, that and deductions .
The thing is, depending on your income level the distinction between them is a bit fuzzy to most people.

Like deductions, tax credits reduce your tax payable, just not directly. They are added together and will reduce your tax payable at the lowest tax rate. That rate is currently 15 percent for federal income tax; for 2010 that included income up to $40,970.

Continue reading How Tax Credits Differ from Deductions

How Tax Credits Differ from Deductions originally appeared on Walletpop Canada on Tue, 12 Apr 2011 18:00:00 EST. Please see our terms for use of feeds.

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]]>canadian taxesCanadianTaxestax basicstax creditsTaxBasicsTaxCreditsTerry FongTue, 12 Apr 2011 18:00:00 ESTTax Deductions and Credits Often Overlookedhttp://www.walletpop.ca/blog/2011/04/12/tax-deductions-and-credits-often-overlooked/http://www.walletpop.ca/blog/2011/04/12/tax-deductions-and-credits-often-overlooked/http://www.walletpop.ca/blog/2011/04/12/tax-deductions-and-credits-often-overlooked/#commentsFiled under:

taxMany tax deductions and credits are for one-time or unusual events. Some are relatively new and have not had time to fully seep into our collective consciousness. How often do you really think about your taxes, or tell yourself: maybe that's now more affordable, if I factor in the tax reduction?

Education: Tuition, Courses and Materials
In addition to tuition, you get an amount for each month you are in an accredited, post-secondary educational institution. These amounts cover course materials and books; you get a set amount for each month of full-time or part-time study. A limited amount can be transferred to your spouse, or the parents or grandparents of yourself or your spouse; transferred amount must be in the year they are earned and cannot exceed $5,000. In low income years, the unused amount can be transferred to future, higher income years.

Continue reading Tax Deductions and Credits Often Overlooked

Tax Deductions and Credits Often Overlooked originally appeared on Walletpop Canada on Tue, 12 Apr 2011 17:00:00 EST. Please see our terms for use of feeds.

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]]>canadian taxesCanadianTaxesTax Credittax deductionsTaxCreditTaxDeductionsTerry FongTue, 12 Apr 2011 17:00:00 ESTHow to Calculate Taxable Incomehttp://www.walletpop.ca/blog/2011/04/08/how-to-calculate-taxable-income/http://www.walletpop.ca/blog/2011/04/08/how-to-calculate-taxable-income/http://www.walletpop.ca/blog/2011/04/08/how-to-calculate-taxable-income/#commentsFiled under: ,

taxable incomeWhat do most people want to know about income tax? The most common question is what income is taxable.

Sadly, the answer is usually everything. If in doubt, it's almost certain to be taxable. In fact, it's much easier to consider what is not taxable, as that is a fairly short list.

Things Not Subject to Income Tax

  • Transfer payments from the government. This includes Canada Child Tax Benefit (CCTB) payments, the Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments, and child assistance payments and the supplement for handicapped children paid by the province of Quebec.
  • Gifts and inheritances. This includes life insurance policy death benefits.
  • Lottery winnings.
  • Compensation from various provincial programs for victims of a crime
  • Gains from the sale of your principal residence

Continue reading How to Calculate Taxable Income

How to Calculate Taxable Income originally appeared on Walletpop Canada on Fri, 08 Apr 2011 18:00:00 EST. Please see our terms for use of feeds.

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]]>canadian tax infocanadian taxesCanadianTaxesCanadianTaxInfotaxable incomeTaxableIncomeTerry FongFri, 08 Apr 2011 18:00:00 ESTH&R Block at Home 2010 Desktop Application Offers Audit Supporthttp://www.walletpop.ca/blog/2011/03/15/handr-block-at-home-2010-desktop-application-offers-audit-support/http://www.walletpop.ca/blog/2011/03/15/handr-block-at-home-2010-desktop-application-offers-audit-support/http://www.walletpop.ca/blog/2011/03/15/handr-block-at-home-2010-desktop-application-offers-audit-support/#commentsFiled under:

H&R Block has DIY tax preparation kits H&R Block is known for tax preparation. Not generally known is that it entered the Canadian desktop tax preparation market two years ago with H&R Block at Home. And in an interesting twist, it offers something few if any other tax preparation software companies can match: help from one of their tax professionals should you be called in for an audit of a return prepared with their software.

The program uses an interview process to set up the necessary forms and dialogs: you just check off a set of boxes and it builds a questionnaire, prompting you to fill in your information. For instance, if you check the "T4 and Employment Income (includes EI benefits)" box, a form will be generated for you to fill in the relevant information.

You can navigate using the Previous and Next buttons, or there is the QuickClik Navigator that shows all the pages or forms as you move through them. On the forms itself, added lines and items can be deleted - a small trash icon next to an item allows deletion after you confirm you want to delete something. The navigation sidebar allows you to tidy up as you move along by deleting some forms, as well.

Continue reading H&R Block at Home 2010 Desktop Application Offers Audit Support

H&R Block at Home 2010 Desktop Application Offers Audit Support originally appeared on Walletpop Canada on Tue, 15 Mar 2011 13:00:00 EST. Please see our terms for use of feeds.

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]]>canadian taxesCanadianTaxestax softwareTaxSoftwareTerry FongTue, 15 Mar 2011 13:00:00 ESTWhat Qualifies as a Capital Gain or Loss?http://www.walletpop.ca/blog/2011/03/15/what-qualifies-as-a-capital-gain-or-loss/http://www.walletpop.ca/blog/2011/03/15/what-qualifies-as-a-capital-gain-or-loss/http://www.walletpop.ca/blog/2011/03/15/what-qualifies-as-a-capital-gain-or-loss/#commentsFiled under: , ,

capital gainsMany Canadians hold stocks, bonds, and mutual funds. These are commonly recognized as capital property by the Canada Revenue Agency. These are property used solely to make money.

What you may not realize is that other items fall into this category, such as rental properties, your vacation home or cottage, and even collectibles. A capital gains (or loss) is realized when you sell capital property of any type.

Adjusted cost base

To calculate capital gains or losses, we have to calculate the adjusted cost base of a capital property. In addition to the buying price, expenses involved in buying and selling are added in. For real property, any improvements and additions are counted. For shares, you need to calculate the average cost of each share, which is important when you sell only part of your share holdings in a company.

Continue reading What Qualifies as a Capital Gain or Loss?

What Qualifies as a Capital Gain or Loss? originally appeared on Walletpop Canada on Tue, 15 Mar 2011 11:00:00 EST. Please see our terms for use of feeds.

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]]>canadian taxesCanadianTaxescapital gain taxescapital gains taxCapitalGainsTaxCapitalGainTaxesTerry FongTue, 15 Mar 2011 11:00:00 ESTWhich Tax Bracket Are You In?http://www.walletpop.ca/blog/2011/03/13/what-tax-bracket-are-you-in/http://www.walletpop.ca/blog/2011/03/13/what-tax-bracket-are-you-in/http://www.walletpop.ca/blog/2011/03/13/what-tax-bracket-are-you-in/#commentsFiled under:

which tax bracket are you in?Income tax in Canada is a progressive tax system. Sadly, the more we make, the more taxes we pay on additional income. This is based on the principle that the higher our income, the more able we are to pay taxes.

The marginal tax rate is the rate assessed against the income at the margins of your income. This does not increase the tax rate on all income earned, but only on additional income. The marginal tax rate is useful for determining the effectiveness of various tax strategies like your Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA). It also tells you how much to expect from any raise.

The average tax rate is simply the total of all taxes paid divided by the total income. This value is informational only, and has no official use.

Continue reading Which Tax Bracket Are You In?

Which Tax Bracket Are You In? originally appeared on Walletpop Canada on Sun, 13 Mar 2011 20:00:00 EST. Please see our terms for use of feeds.

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]]>canadian taxesCanadianTaxestax ratesTaxRatesTerry FongSun, 13 Mar 2011 20:00:00 ESTUnderstanding Withheld Taxeshttp://www.walletpop.ca/blog/2011/03/01/why-taxes-are-withheld-from-your-pay/http://www.walletpop.ca/blog/2011/03/01/why-taxes-are-withheld-from-your-pay/http://www.walletpop.ca/blog/2011/03/01/why-taxes-are-withheld-from-your-pay/#commentsFiled under:

taxesMost Canadians pay their taxes through withholdings from various sources of income. Most of these processes are automatic and outside our direct control.

When you file your return, you add up all these sources, compare to the taxes you owe for the entire year, and then you either remit the difference (taxes owing) or receive the difference (tax refund).

Employment income
The most commonly source of withheld taxes will be your paycheque. Your employer will retain and remit taxes on your behalf. After the end of the year, your employer produces a T4 information slip (in Quebec, an RL-1 as well) summarizing the amounts withheld.

When you start a new job, you should fill out a Personal Tax Credit Return TD1 form to calculate tax to be withheld. If not filled out, the presumption will be only the basic personal exemption applies. It should be updated whenever there is a major change in your life, such as the birth of a child or marriage.

Note that should your income vary from paycheque to paycheque, the tax withheld will also vary - the calculations presume that paycheque's income throughout the year.

Continue reading Understanding Withheld Taxes

Understanding Withheld Taxes originally appeared on Walletpop Canada on Tue, 01 Mar 2011 15:30:00 EST. Please see our terms for use of feeds.

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]]>taxeswithheld taxesTerry FongTue, 01 Mar 2011 15:30:00 ESTTax Return: Do You Have to File?http://www.walletpop.ca/blog/2011/02/22/tax-return-do-you-have-to-file/http://www.walletpop.ca/blog/2011/02/22/tax-return-do-you-have-to-file/http://www.walletpop.ca/blog/2011/02/22/tax-return-do-you-have-to-file/#commentsFiled under: , , , , ,

tax returnWe all dislike filing taxes. Yet the vast majority of us end up doing so: in 2008, enough returns were filed that they covered more than 95% of the population of Canada, including minors. The simple reason for this is that the tax system has been set up so that we are forced to, or we will want to.

When you HAVE to file
The simplest reason: you owe the government money.
  • You owe taxes. This could be because your employer did not withhold enough taxes (not an uncommon occurrence), or you had other income, such as a second job, a pension or self-employment income.
  • You received Employment Insurance (EI) or Old Age Security (OAS) benefits and have to repay some of it.
  • You have not yet fully repaid amounts you withdrew from your Registered Retirement Savings Plan (RRSP), for your Home Buyers Plan (HBP) or Lifelong Learning Plan (LLP).
  • As a self-employed individual with net income over $3,500, you have to submit Canada Pension Plan or Quebec Pension Plan amounts.

Continue reading Tax Return: Do You Have to File?

Tax Return: Do You Have to File? originally appeared on Walletpop Canada on Tue, 22 Feb 2011 15:30:00 EST. Please see our terms for use of feeds.

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]]>taxesTerry FongTue, 22 Feb 2011 15:30:00 ESTAdvanced Strategies for Registered Retirement Savings Plans (RRSPs)http://www.walletpop.ca/blog/2011/01/23/advanced-strategies-for-registered-retirement-savings-plans-rrs/http://www.walletpop.ca/blog/2011/01/23/advanced-strategies-for-registered-retirement-savings-plans-rrs/http://www.walletpop.ca/blog/2011/01/23/advanced-strategies-for-registered-retirement-savings-plans-rrs/#commentsFiled under: , , , , ,

You put money into a Registered Retirement Savings Plan (RRSP), which automatically reduces your taxes and Bam! Instant Tax Refund (tm). The tax break is why most of us make our first contribution to an RRSP, and that motivation continues every year we're earning an income and want to defer tax payments.

The good news is that, if you're strategic, there are even more benefits that can be gained. As your portfolio gets larger or more diverse and your life situation changes, there are a few RRSP quirks you may want to take advantage of.

Spousal or Common-Law RRSP

You can set up a spousal or common-law partner RRSP. You can then contribute into your spouse or common-law partner's RRSP; you get the deduction, but they own the plan. Generally, the partner with the higher income will contribute; this allows a higher tax reduction when contributing and a lower tax bill when your spouse or common-law partner withdraws the money, as they will presumably be in a lower tax bracket.

Excess Contributions

You may inadvertently put in too much money into your RRSP. If so, withdraw the amount as soon as possible. There are taxes assessed for any amount over $2,000 in excess of your limit; the tax is one per cent of the excess for each month the excess exists. This will accumulate quickly. After a year, 12 per cent or almost one-eighth will be taxed away.

Continue reading Advanced Strategies for Registered Retirement Savings Plans (RRSPs)

Advanced Strategies for Registered Retirement Savings Plans (RRSPs) originally appeared on Walletpop Canada on Sun, 23 Jan 2011 09:00:00 EST. Please see our terms for use of feeds.

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]]>home buyers planHomeBuyersPlanLifelong Learning PlanLifelongLearningPlanRRIFrrsp excess contributionsRRSP repaymentrrsp strategyRRSP withdrawalRrspExcessContributionsRrspRepaymentRRSPsRrspWithdrawalTerry FongSun, 23 Jan 2011 09:00:00 ESTRRSP Primer: What You Need to Know About Registered Retirement Savings Planshttp://www.walletpop.ca/blog/2011/01/21/rrsp-primer-what-you-need-to-know-about-registered-retirement-s/http://www.walletpop.ca/blog/2011/01/21/rrsp-primer-what-you-need-to-know-about-registered-retirement-s/http://www.walletpop.ca/blog/2011/01/21/rrsp-primer-what-you-need-to-know-about-registered-retirement-s/#commentsFiled under: , , ,

Registered Retirement Savings Plans, or RRSPs as everyone knows them, is the most popular tax deferral vehicle in Canada. They operate by deferring the taxes to be paid on earned income to a future year, presumably retirement. Most retirees have a lower income and will fall into a lower tax bracket.

Opening a Plan

Anyone can set up a plan. All banks and most other financial institutions offer some sort of plan. In addition to walking into a branch, most institutions allow current account holders to set up an RRSP or transfer funds into one electronically.

Continue reading RRSP Primer: What You Need to Know About Registered Retirement Savings Plans

RRSP Primer: What You Need to Know About Registered Retirement Savings Plans originally appeared on Walletpop Canada on Fri, 21 Jan 2011 13:00:00 EST. Please see our terms for use of feeds.

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]]>Registered Retirement Savings PlanRegisteredRetirementSavingsPlanRRSPsTerry FongFri, 21 Jan 2011 13:00:00 ESTShould Steve Jobs Leave Apple for Good?http://www.walletpop.ca/blog/2011/01/19/steve-jobs-leave-apple/http://www.walletpop.ca/blog/2011/01/19/steve-jobs-leave-apple/http://www.walletpop.ca/blog/2011/01/19/steve-jobs-leave-apple/#commentsFiled under: ,

Steve Jobs has announced that he's taking medical leave for an indefinite period, starting Monday.

He's taken medical leave before. The last time, in 2009, he emerged after a five-month hiatus with a transplanted liver. He had suffered from pancreatic cancer, which may have spread to his liver.

His designated replacement, Timothy D. Cook, is chief operations officer and had taken on the day-to-day operational role during Jobs' previous medical leave. It may be time for Jobs to step back permanently: eventually, there will have to be a post-Jobs era at Apple.

Cook and his executive team successfully navigated the company during their chief's last sick leave; the iPhone 3GS was launched during that period. Apparently Jobs is only going into the office two or three times per week; it may be time to see what they can do without him around every day.

Continue reading Should Steve Jobs Leave Apple for Good?

Should Steve Jobs Leave Apple for Good? originally appeared on Walletpop Canada on Wed, 19 Jan 2011 09:35:00 EST. Please see our terms for use of feeds.

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]]>applesteve jobssteve jobs medical leaveSteveJobsSteveJobsMedicalLeaveTerry FongWed, 19 Jan 2011 09:35:00 ESTHow to Protect your PC with Free Anti-Virus Softwarehttp://www.walletpop.ca/blog/2011/01/07/how-to-protect-your-pc-with-free-anti-virus-software/http://www.walletpop.ca/blog/2011/01/07/how-to-protect-your-pc-with-free-anti-virus-software/http://www.walletpop.ca/blog/2011/01/07/how-to-protect-your-pc-with-free-anti-virus-software/#commentsFiled under: , ,

If you got a shiny new computer for Christmas, it probably came with a trial version of anti-virus software, an offer for a trial version, or, more rarely, a one-year licence. If you don't want to pony up cash for this once the trial (often three months) or licence period is over, you'll be looking for an anti-virus solution for your computer.

Where to look

First, check whether your Internet Service Provider offers free security products - after all, they don't want viruses commandeering unnecessary bandwidth any more than you do.

For instance, there's Rogers' Online Protection Basic. Bell offers Bell Internet Scan and Clean Utility; it looks outmoded and dated, but gets the job done and offers more than basic services. Both the Bell and Rogers offerings are free to subscribers - you have to log in to access them.

Free and capable

If you have multiple computers scattered throughout your household, an annual fee for each can add up pretty quickly. Luckily, there are a fair number of capable free products available on the web. Many of these are basic, but should serve average user needs.

AVG Anti-Virus Free Edition 2011 is a huge download, at 145 MB. For that, you get a feature-laden product with practically everything you could want. It has much improved in the last couple of years, with faster scanning, fewer resources and fewer false positives - those are files that are wrongly reported as risks. It's simplest to ignore all of the various options and just go with the standard settings. AVG does have some annoying nagware, however, that will invite you to upgrade to the paid version.

Continue reading How to Protect your PC with Free Anti-Virus Software

How to Protect your PC with Free Anti-Virus Software originally appeared on Walletpop Canada on Fri, 07 Jan 2011 17:00:00 EST. Please see our terms for use of feeds.

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]]>anti-virus softwareAnti-virusSoftwarefree virus protectionFreeVirusProtectionTerry FongFri, 07 Jan 2011 17:00:00 ESTHow to Return an Unwanted Cell Phone Gifthttp://www.walletpop.ca/blog/2010/12/31/how-to-return-an-unwanted-cell-phone-gift/http://www.walletpop.ca/blog/2010/12/31/how-to-return-an-unwanted-cell-phone-gift/http://www.walletpop.ca/blog/2010/12/31/how-to-return-an-unwanted-cell-phone-gift/#commentsFiled under: , , ,

Your Great Christmas Present (tm) has arrived: a bright shiny new cell phone! Unfortunately, you don't want the phone. Maybe it doesn't fit your lifestyle. Or maybe you can't afford the voice and data plans (oops, Santa forgot to include those ...)

Fortunately, as with any other hardware, a cell phone can be returned. If you have the receipt, the return should be pretty simple, particularly if you have not activated it yet. Just contact your carrier about any data and/or voice plans that came with it and cancel the service.

Act Quickly

But the return period is usually fairly short so you need to act quickly. Often they have to be returned within 14 days (Example: Best Buy), so cross your fingers that the person who gave it to you bought it the week before Christmas so you still have a week to act. And that they kept the receipt.

If you activated it before deciding you couldn't afford it and have a contract, you'll have to pay usage fees to the provider. Beyond a certain point, a carrier may consider you fully active and may not waive any early termination fees. If that is the case, a trading service may become your only option.

Continue reading How to Return an Unwanted Cell Phone Gift

How to Return an Unwanted Cell Phone Gift originally appeared on Walletpop Canada on Fri, 31 Dec 2010 16:00:00 EST. Please see our terms for use of feeds.

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]]>Terry FongFri, 31 Dec 2010 16:00:00 ESTYear-End Checklist: What Your Tax Preparer Wants You to Dohttp://www.walletpop.ca/blog/2010/12/30/year-end-checklist-what-your-tax-preparer-wants-you-to-do/http://www.walletpop.ca/blog/2010/12/30/year-end-checklist-what-your-tax-preparer-wants-you-to-do/http://www.walletpop.ca/blog/2010/12/30/year-end-checklist-what-your-tax-preparer-wants-you-to-do/#commentsFiled under: , ,

As a tax preparer, I've received the proverbial shoebox filled with papers. While I was glad to know the client had been saving receipts, organizing them by type would have saved me a lot of time. It would also have saved my client a lot of money, since I would not have had to charge for sorting it all.

Gathering the paperwork

Now is a good time to get all of the paperwork ready for the current year, and to start a system for the New Year. The easy bits are the paperwork needed to prove income and the associated taxes paid -- your employer and financial institutions should provide those. Those, and Registered Retirement Savings Plan contribution receipts, should be arriving by or around Feb. 28.

  • But there are lots of other pieces of paper that can be useful in reducing your taxes that you should organize now. A far from exhaustive list of receipts would include: Moving expenses. If you moved closer to work, these may be a deduction
  • Education. If you took any courses, they may be deductible.
  • Day care
  • Medical and dental. We all get older, and use these services more often as we age. As with any other business, medical practitioners can generate a list of services provided over the course of the year. I've managed to get statements from my pharmacy and my dentist. Insurance claims are another easy source for a record of these expenses.

Continue reading Year-End Checklist: What Your Tax Preparer Wants You to Do

Year-End Checklist: What Your Tax Preparer Wants You to Do originally appeared on Walletpop Canada on Thu, 30 Dec 2010 08:00:00 EST. Please see our terms for use of feeds.

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]]>Terry FongThu, 30 Dec 2010 08:00:00 ESTLast Chance to Get a Special Tax Break on Business Computershttp://www.walletpop.ca/blog/2010/11/18/last-chance-to-get-a-special-tax-break-on-business-computers/http://www.walletpop.ca/blog/2010/11/18/last-chance-to-get-a-special-tax-break-on-business-computers/http://www.walletpop.ca/blog/2010/11/18/last-chance-to-get-a-special-tax-break-on-business-computers/#commentsFiled under: ,

If you're a small business owner contemplating the purchase of a new computer, you should buy it before February. This will be your last chance to benefit from a temporary gift from the Canadian Revenue Agency (CRA).

Tax Break to Expire

A measure that accelerates the deduction for new computers that was enacted as part of an economic stimulus in face of the recent fiscal crisis is set to expire in February. In order to benefit from it, you need to purchase your computer before January 1, 2011 if you want to apply it to your 2010 tax return and before February 1, 2011, to apply it to your 2011 tax return.


Continue reading Last Chance to Get a Special Tax Break on Business Computers

Last Chance to Get a Special Tax Break on Business Computers originally appeared on Walletpop Canada on Thu, 18 Nov 2010 21:00:00 EST. Please see our terms for use of feeds.

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]]>small businesssmall businessesSmallBusinessSmallBusinessessohoTerry FongThu, 18 Nov 2010 21:00:00 ESTBe On Alert: Fake 'CRA' Emails Are Phishing for Your Financial Infohttp://www.walletpop.ca/blog/2010/11/11/be-on-alert-fake-cra-emails-are-phishing-for-your-financial-i/http://www.walletpop.ca/blog/2010/11/11/be-on-alert-fake-cra-emails-are-phishing-for-your-financial-i/http://www.walletpop.ca/blog/2010/11/11/be-on-alert-fake-cra-emails-are-phishing-for-your-financial-i/#commentsFiled under: , ,

Some acquaintances told me they had recently received an email that claimed the Canada Revenue Agency (CRA) had a refund for them "after the last annual calculation of your fiscal activity." The odd wording is a tipoff: of course this was a phishing attempt - an email designed to gather financial information in order to pilfer your bank account.

Red Flags

You can spot many phishing e-mails by looking for the following red flags:

  • There are typos, grammatical errors or a graphic that is fuzzy (pixelated) or otherwise sloppily created or copied. While many will belittle the government, they do try their best to communicate clearly and have people on staff and technology deployed to ensure few errors get out there.
  • The payment method is suspect. You may be asked to deposit some money into a bank account registered to an individual or make a payment by credit card. The CRA only accepts payments to the Receiver General of Canada. They also do not take credit cards.
  • They want to contact you directly. The CRA normally communicates via postal service, unless another arrangement had already been made.

Continue reading Be On Alert: Fake 'CRA' Emails Are Phishing for Your Financial Info

Be On Alert: Fake 'CRA' Emails Are Phishing for Your Financial Info originally appeared on Walletpop Canada on Thu, 11 Nov 2010 15:00:00 EST. Please see our terms for use of feeds.

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]]>Terry FongThu, 11 Nov 2010 15:00:00 ESTBuying Government Bonds: A Safe Haven in Uncertain Markets?http://www.walletpop.ca/blog/2010/11/10/buying-government-bonds-a-safe-haven-in-uncertain-markets/http://www.walletpop.ca/blog/2010/11/10/buying-government-bonds-a-safe-haven-in-uncertain-markets/http://www.walletpop.ca/blog/2010/11/10/buying-government-bonds-a-safe-haven-in-uncertain-markets/#commentsFiled under: , , ,

Recently the Mexican Government issued a series of century bonds, which are bonds that pay interest for the next 100 years. This is all the more remarkable as Mexico was on the verge of bankruptcy a decade ago, and yet these bonds were oversubscribed by about 250% -- parlance for sold out. No doubt the high interest offered -- 6.1 percent per year -- helped. More likely this is an indicator that investors are feeling jittery about other financial instruments -- including stocks and other types of bonds, and prefer the relative safety of government-issued bonds.

A bond is a financial instrument used by a company or government to borrow money from an investor for a set amount of time. The investor makes money via interest at a set rate and on specific dates. The money is returned when the bond issue matures. The bond can be sold before maturity, but not redeemed - selling in this manner is how one can make or lose money in the bond market.

The government of Canada is the largest player within the Canadian bond market. In addition to their own bonds they guarantee the bonds of Crown agencies. In addition to standard treasury bills, they offer their real return bond. This bond protects you from inflation, as it is indexed against the consumer price index. If the index rises, you get more money to keep pace.

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Buying Government Bonds: A Safe Haven in Uncertain Markets? originally appeared on Walletpop Canada on Wed, 10 Nov 2010 17:00:00 EST. Please see our terms for use of feeds.

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]]>Terry FongWed, 10 Nov 2010 17:00:00 ESTFacebook Applications Dashboard Tries to Address Privacyhttp://www.walletpop.ca/blog/2010/11/03/facebook-applications-dashboard-tries-to-address-privacy/http://www.walletpop.ca/blog/2010/11/03/facebook-applications-dashboard-tries-to-address-privacy/http://www.walletpop.ca/blog/2010/11/03/facebook-applications-dashboard-tries-to-address-privacy/#commentsFiled under: ,

In a continuing quest to upgrade their reputation regarding user privacy, Facebook has updated their site to allow you to more easily find, inspect and delete the data that apps can see about you.

In addition to the ability to download the information that can be gleaned from your profile, Facebook has added the Dashboard for Applications You Use. This allows you to find what apps you have added, and to inspect and delete some data applications can access about your profile, all in one spot.

They do not make the dashboard easy to find. In order to access it, you need to look under the Account heading and click on Privacy Settings. Look for "Applications and Websites," which is at the bottom of that page. Clicking on "Edit your settings" brings you to another page with the long, awkward title of "Choose Your Privacy Settings Applications, Games and Websites."

Facebook has prepared a video to demonstrate.

Once there, you've finally reached the heart of the page; there are five set of controls you can access:

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Facebook Applications Dashboard Tries to Address Privacy originally appeared on Walletpop Canada on Wed, 03 Nov 2010 14:00:00 EST. Please see our terms for use of feeds.

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]]>Terry FongWed, 03 Nov 2010 14:00:00 EST