The Wall Street Journal reports that 2013 has already set a new record for "expatriations," defined as citizens renouncing their citizenship or permanent residents giving back their green cards. The Journal quotes tax lawyer Andrew Mitchel, who found that there have been 2,369 expatriations as of the end of the third quarter; that's an increase of 33 percent over all of 2011, the previous record-holder. And with the IRS coming aggressively after Americans living in Canada, no doubt many more will consider flying the coop.
Here are a few recent municipal corruption scandals that stole the headlines (along with plenty of money from taxpayers).
Top Five Political Expense Scandals of this Century So Far
When Sports Stars Go Bad, The Costs Are Enormous
Paula Deen and Aaron Hernandez: A Tale of Two Celebrity Endorsers
Where Does the Tax Deduction Go if Rob Ford "Crackstarter" Money is Donated to Charity?
Big Ticket Buffet(t): The World's Most Expensive Dinner Guests
Prince Alwaleed, Testy Saudi Billionaire Owns A lot of Things: Here Are Some of Them
You also know that the owners of this video have requested $200,000 in return for a copy of the entire video and that Gawker has been using the crowdfunding website Indiegogo.com to solicit donations from the public for their own "Crackstarter Campaign" in an effort to raise the funds to buy the video and publish it for all to see.
But, then Gawker announced last week that they had lost contact with the owner(s) of the video with the following statement:
"The last time we established contact with the people who are in possession of the video was this past Sunday, and we have not been able to reach them since," wrote Gawker editor John Cook, adding: "If we end up meeting that goal and fail to consummate this transaction, we will-as we promised at the outset-donate the proceeds to a Canadian non-profit that addresses substance abuse issues."
Gawker said they would donate the funds to a Canadian substance abuse charity if the campaign reached it's goal. ($183,450 with 26 hours to go, as I write this) But, who died and made them king? What if Gawker donors don't want to see their money donated to charity and would instead like their money back? Besides, if the money is donated to charity as a plan B, who gets the tax deduction?
These and other questions will be answered after the jump...
According to the Pew Research Centre, nearly half (47%) of all adults in their 40s and 50s have a parent over the age of 64 and are simultaneously raising either a young child or adult child while caring for their aging parents.
Additionally, Statistics Canada's findings strengthen the case for creating a resolution to the growing financial burdens of the sandwich generation. Recently, they tabulated that 2.7 million Canadians provided unpaid care to people aged 65 and over. And, among these individuals, many of them had some sort of long-term illness.
If this scenario seems all too familiar you may feel comforted by the fact that the government feels your pain. This year the Canada Revenue Agency has introduced a new tax credit -- the family caregiver tax credit -- to help ease the financial burden.
Here's what you need to know so that you can maximize your tax savings this year.
Payments that go directly to persons, to provincial and territorial governments, and to other organizations are called "transfers." Transfers are the largest category of government spending. They made up about 59 cents of each tax dollar spent ($159.7 billion).After transfers, the bulk of federal tax dollars went to cover the operating costs of the more than 130 government departments, agencies, Crown corporations and other federal bodies that provide programs and services for Canadians.
Government operating expenses such as salaries and benefits, facilities and equipment, and supplies and travel made up 30 cents of each tax dollar spent ($80.7 billion). Close to half of this spending-just under 15 cents of each tax dollar-went to just three organizations: National Defence, Public Safety Canada and the Canada Revenue Agency.
Finally, the last 11 cents of each tax dollar is spent on interest payments on the national debt.
Currently, 75% of this debt is owed to Canadians, including citizens and domestic institutions holding federal bonds, Treasury bills and other forms of the debt.
Here are the 10 areas where the greatest percentage of income tax revenues gets spent:
Filed under: Taxes
Canada's largest cities are the worst offenders when it comes to filing late. Once again, Toronto tops the list of Canada's biggest procrastinators – the number of residents who filed on the last day in 2012, according the TurboTax data.
With that in mind, we're looking at the lighter side of taxes, with some of our favourite quotes from the powerful and the intelligent. Enjoy (and then pay up like the rest of us)!
By Eamon Murphy
The White House has released 2012 tax information for the President and Vice President.
The President and First Lady filed a joint return reporting adjusted gross income of $608,611. They paid $112,214 in taxes for an effective federal income tax rate of 18.4 percent and donated $150,034 to charity (about 24.6 percent of their earnings).
The White House press release took the opportunity to tout the so-called Buffett Rule, which it says "would ask the wealthiest Americas to pay their fair share while protecting families making under $250,000 from seeing their taxes go up." The President noted that he would pay more in taxes under his own proposals. The Obamas also paid $29,450 in Illinois state income tax.
The Bidens also filed a joint federal tax return, as well as a combined Delaware income tax return. In addition, Dr. Biden filed a separate non-resident Virginia tax return. The Vice President and his wife reported adjusted gross income of $385,072 and paid $87,851 in federal tax. They also paid $13,531 and $3,593 in state income tax to Delaware and Virginia, respectively, and gave $7,190 to charity.
To view the Obamas' and Bidens' tax returns in full, visit the White House website.