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Canada’s Business Voice since 1907. The Financial Post delivers all the news and analysis you need to operate in today's competitive business environment.

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211 Posts
Teamwork is the secret that helps common people achieve uncommon financial results
Financial wellness or financial well-being are common buzzwords we've all heard thrown around when it comes to talking about personal finance, but what do they really mean and how do we achieve it? If you search online for "Financial well-being," you will find it is the state in which you can manage your bills and expenses, pay your debts, weather unexpected financial emergencies and plan for long-term financial goals such as building college funds and saving for retirement. Having your own system of support... more
Teamwork is the secret that helps common people achieve uncommon financial results
December is the time to check your RESP withdrawal strategy to help cut any taxes
At first glance, it might seem attractive to only withdraw ROCs, since they are simply non-taxable, if the goal is to minimize the family's taxes throughout the entire course of the kids' studies, but it's probably better to create some income each year in the form of EAPs to fully utilize the student's annual basic personal amount and, potentially, other available credits. A student who had zero income in 2022 could withdraw approximately $21,000 in EAPs with no federal tax by claiming the 2022 enhanced federal... more
December is the time to check your RESP withdrawal strategy to help cut any taxes
Here's what you need to know to get Canada's new dental benefit and housing top-up
Eligible parents with kids under 12 who don't otherwise have dental care coverage can go online as of Dec. 1 to apply for the new Canada Dental Benefit (CDB) One-time top-up to the Canada Housing Benefit (CHB) will provide a tax-free payment of $500 to an estimated 1.8 million low-income renters. The CDB is estimated to benefit 500,000 children. The CRA is now seeking to reclaim $3.2 billion in COVID-19 financial aid benefit overpayments.
Here's what you need to know to get Canada's new dental benefit and housing top-up
Why it's time for borrowers to accept the new normal of higher rates and plan accordingly
The Bank of Canada estimates that 50 per cent of variable mortgages - or a staggering 13 per cent of all mortgages in Canada - hit their trigger rates after they increased rates by fifty basis points in October. At a 5.5 per cent mortgage rate, that payment would need to increase by 42 per cent to $2,836 per month to maintain the same repayment time horizon. Imagine how much higher home prices and debt levels would have risen in the absence of those measures? A five per cent mortgage rate may have seemed unrealistic... more
Why it's time for borrowers to accept the new normal of higher rates and plan accordingly
Five pieces of recession-proof financial advice for new graduates
New graduates are entering the job market just as companies enact hiring freezes and layoffs in response to the ongoing economic malaise. Here are a handful of tangible pieces of advice to help position new graduates for long-term financial and professional success while navigating current market conditions. Securing a job is the critical first step for those seeking financial andprofessional success. The best decisions you can make as a new graduate are to continue investing in yourself. Invest in yourself... more
Five pieces of recession-proof financial advice for new graduates
The CRA is already challenging real estate transactions ahead of new anti-flipping rules
Canada's new anti-flipping rules for residential real estate are scheduled to come into force on Jan. 1, 2023. The new law will disallow the use of the principal residence exemption to shelter the capital gain realized on the sale of your home if you’ve owned it for less than 12 months. But the Canada Revenue Agency isn’t waiting around. It’s currently challenging perceived real estate “flips” through the court system, with mixed results. The court system with mixed Results, depending on the facts... more
The CRA is already challenging real estate transactions ahead of new anti-flipping rules
New anti-flipping real estate rules are coming, but the CRA is already challenging some transactions
The taxpayer was reassessed by the CRA for her 2011, 2015 and 2016 taxation years in connection with the sale of four properties she owned at various times during that period. The CRA disagreed, maintaining the property was acquired and disposed of as "An adventure in the nature of trade" and so its sale should be classified as 100 per cent taxable business income. It argued the taxpayer never changed her primary address, employer T4 address or other mailing addresses to this property, so its position was that... more
New anti-flipping real estate rules are coming, but the CRA is already challenging some transactions
Billionaire Stephen Smith has a common name, but some uncanny talents
Stephen Smith donated $50 million to Queen’s University and the Kingston, Ont.-based institution renamed its business school after him. Smith is the Smith in Smith Financial Corp., which is acquiring mortgage lender Home Capital Group Inc. for $44 a share in a deal valuing the company at $1.7 billion. He is also co-founder of First National Financial Corp. His name might be common, but his accomplishments are anything but his name is not his name. Smith has been a marketer. He is a chartered financial analyst... more
Billionaire Stephen Smith has a common name, but some uncanny talents
Mom taught me how: Six conversations to have with your daughters to ensure their financial wellness
The next time you find yourself with your daughter safely tucked into the seat beside you in the car, here are six topics you may want to discuss. To make budget management easier, set up two accounts and transfer the monthly total to the “spending” (likely a traditional chequing account), keeping any excess in the second ( likely a savings account) Don’t ignore the power of compounding. Establishing and maintaining a healthy credit rating. Trying to borrow money at 50, post-divorce without a credit rating... more
Mom taught me how: Six conversations to have with your daughters to ensure their financial wellness
Avoid a financial catastrophe in the new year with these holiday shopping tips
Kelley Keehn, a personal finance educator, speaks with the Financial Post's Larysa Harapyn about the impact of inflation on Canadians' budgets and shares how to avoid a financial catastrophe in the new year. Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts.
Avoid a financial catastrophe in the new year with these holiday shopping tips
FP Answers: How do I use stock losses to lower my income taxes?
In layperson's terms, capital property generally includes securities such as stocks, bonds, mutual funds and exchange-traded funds, some of which may be sold at a loss rather than a profit, or capital gain. Only 50 per cent of a capital gain is taxable and only 50 per cent of a capital loss is deductible on your tax return. Your $5,000 realized capital loss can be used to offset realized capital gains in the current year. If you anticipate being in a higher tax bracket in future years than one of the previous... more
FP Answers: How do I use stock losses to lower my income taxes?
Five tips to keep your credit score safe this holiday shopping season
The reality of the cold, crisp winter air can often be one of the triggers for us that the holidays are just around the corner. It begins with Black Friday followed by Cyber Monday, Christmas specials, post-holiday Boxing Day sales and don’t forget the end-of-year clearance deals. Sandra Fry is a credit counsellor at a non-profit organization that has helped Canadians manage debt for more than 25 years. If you want to keep your debt and save money, be sure to have a debt-repayment plan. For more information,... more
Five tips to keep your credit score safe this holiday shopping season
If you disagree with a CRA assessment, make sure you file an objection on time — or else
Filing an objection can be done online by logging into the CRA’s My Account for Individuals. You will automatically receive a case number that you’ll need to include when submitting documents. Alternatively, you can file your objection by mail by printing, completing and sending Form T400A, Objection – Income Tax Act to the chief of appeals at your Appeals Intake Centre. If the CRA denies your application, you may appeal to the Tax Court of Canada. No objections were filed. The one-year extension would... more
If you disagree with a CRA assessment, make sure you file an objection on time — or else
If you disagree with a CRA ruling, make sure you file an objection on time — or else
Filing an objection can be done online by logging into the CRA’s My Account for Individuals. You will automatically receive a case number that you’ll need to include when submitting documents. Alternatively, you can file your objection by mail by printing, completing and sending Form T400A, Objection – Income Tax Act to the chief of appeals at your Appeals Intake Centre. If the CRA denies your application, you may appeal to the Tax Court of Canada. No objections were filed. The one-year extension would... more
If you disagree with a CRA ruling, make sure you file an objection on time — or else
Five steps to secure your family's long-term financial health
Five core themes — savings, security, solidify, strategize and subtract — can help organize your thoughts to devise a financial plan. Raising a child from birth to 18 years old will cost today’s parents roughly $283,000. If you find yourself in a shortfall, don’t panic. More than 60 per cent of Canadian adults do not have a will. The time to solidify your money will help you strategize. It may be difficult and uncomfortable to think about. But investing the time will help your money would help you Strategize... more
Five steps to secure your family's long-term financial health
FP Answers: Should I put my seven rental properties into a corporation? Or is there a better option to save on taxes?
By Julie Cazzin with Allan Norman Q:
FP Answers: Should I put my seven rental properties into a corporation? Or is there a better option to save on taxes?
CRA denies taxpayer's costs of getting to work, but judge says taxman got it wrong
The judge found it was clear the employer was the Canadian company, which always paid the taxpayer's salary. The judge concluded the taxpayer was providing a service to his employer in his eight-hour drive to the Massachusetts location, therefore he was travelling in the course of his employment. The judge allowed the taxpayer’s appeals, finding he was required from August 2017 to April 2019 to carry on his duties of employment. He met the Income Tax Act criteria to deduct his travel-related employment expenses.... more
CRA denies taxpayer's costs of getting to work, but judge says taxman got it wrong
Why a stepfather was granted parenting time — and court costs — despite biological mother’s objection
Shortly thereafter, the stepfather requested parenting time with his stepdaughter, which the mother refused. According to the stepfather, he was involved in all aspects of the daughter's care and the daughter almost always called him "Daddy." The mother's view of the stepfather's relationship with the daughter was almost completely at odds with the stepfather's account. The mother said the daughter called the stepfather by his first name and only "Occasionally called him Dad." The judge accepted the stepfather's... more
Why a stepfather was granted parenting time — and court costs — despite biological mother’s objection
Avoid these five mistakes when estate planning to preserve family peace
We're more interested in promoting peace and harmony within families, especially when it comes to estate planning. Some estate planning decisions can lead to terrible family rifts that never recover. Treating family members differently Family members are different. If you want to create big family fights, leave your assets to your children in an unequal manner. Pass the family cottage to multiple children You love the family cottage and your wish is to keep it in the family for your kids and grandkids to enjoy... more
Avoid these five mistakes when estate planning to preserve family peace
What are share buybacks and why is Ottawa taxing them?
The federal government announced plans to tax companies that use their profits to buy shares back from investors. Share buybacks are one of five ways a company can spend its profits, says Barry Schwartz, chief investment officer and co-owner of Baskin Wealth Management. When a company has cash after subtracting its costs to run the business, executives can allocate the leftover in the following ways. The tax should come into effect on Jan. 1, 2024. It will bring in $2.1 billion over five years. Some say the... more
What are share buybacks and why is Ottawa taxing them?
How a little hustling on the side can help solve your budget woes as rates and inflation rise
Before we get ahead of ourselves and start worrying about where you're going to get the time to work another job, let's start with the one you already have. If increasing your income with your current employer is not an option, start brainstorming about what interests or talents you have that can be turned into a side hustle - anything that provides an additional source of income outside your primary job. Before you hit the want ads you will want to give some thought to how much time you're willing to commit... more
How a little hustling on the side can help solve your budget woes as rates and inflation rise
Ottawa reveals plan for new tax on stock buybacks
Freeland said the tax will be "Similar" to the one per cent buyback tax in the Inflation Reduction Act signed into law by U.S. President Joe Biden in August. At a news conference Thursday, Freeland said she believes the share buyback tax is better than a "Windfall" tax on energy companies, such as the ones imposed by the United Kingdom and European Union. "It's a smart tax. It will raise some money for Canada, which is a good thing. But perhaps even more importantly it creates the right set of incentives for... more
Ottawa reveals plan for new tax on stock buybacks
CRA says T4 slips insufficient evidence of income for CRB eligibility and judge agrees
The taxpayer wrote to the CRA requesting his file be reviewed by a second CRA officer. As in prior such cases, the court's role is not to substitute its decision for that of the CRA officer, but rather to determine whether the CRA's decision was "Reasonable" considering the facts and evidence. A reasonable decision is "One based on an internally coherent and rational chain of analysis that is justified, transparent and intelligible in relation to the applicable factual and legal constraints." In this case, the... more
CRA says T4 slips insufficient evidence of income for CRB eligibility and judge agrees
Forcing real estate brokers onto MLS probably a good thing for both buyers and sellers
A policy change by the Canadian Real Estate Association will soon require participating brokerages to list almost all residential resale properties on the Multiple Listing Service, thereby preventing some realtors from marketing properties privately. CREA believes the policy, which will come into effect on Jan. 1, 2023, is in the best interests of buyers and sellers, but its decision has raised some concerns that it is restricting realtors from providing customized services to their clients and that it also... more
Forcing real estate brokers onto MLS probably a good thing for both buyers and sellers
FP Answers: Is whole life insurance a good investment? If so, in what circumstances?
Integrating whole life insurance into a plan is unique to everyone and there are many different ways to leverage the value of a policy, but that's a topic for a different article. If you factor in a marginal tax rate of 40 per cent, the GIC investment would only grow to $1,701,891, about $1 million less than insurance. What insurance, term or whole life, excels at is providing an immediate estate value - or inheritance value - for your children. You can create alternatives to whole life insurance if you have... more
FP Answers: Is whole life insurance a good investment? If so, in what circumstances?
Getting a head start on tax-loss selling? Keep these five things in mind
Look out for superficial losses If you think your loser stock may rebound in the months ahead, you may be tempted to sell it, realize the capital loss and then buy it back again to catch the recovery. The superficial loss rule applies if property sold at a loss is repurchased within 30 days, and is still held on the 30th day by you or an "Affiliated person." An affiliated person includes your spouse or common-law partner, a corporation controlled by you, your spouse or partner, or a trust of which you, your... more
Getting a head start on tax-loss selling? Keep these five things in mind
Property tax rate balance tilting further against commercial properties, report finds
The gap between commercial and residential property tax rates in Canada is growing, according to a joint study from Altus Group and the Real Property Association of Canada. The 2022 Canadian Property Tax Rate Benchmark Report, which was released on Wednesday, found that seven out of the 11 major cities surveyed have a commercial tax rate that is more than double the residential tax rate. All property owners across Canada pay tax based on the assessed value of their property, but the tax rate per dollar of property... more
Property tax rate balance tilting further against commercial properties, report finds
The markets killed your early retirement dream, but there is a way to Freedom 65
Only 22 per cent of gen-Xers are ‘very confident’ they’ll be able to fully retire one day. ‘I really can’n’t see a lot of people retiring early,’ says Douglas Hoyes, co-founder of the TransAmerica Center for Retirement Studies. “I see quite a few people slowing down. I’ve been working in the last year and then doing only aspects of their jobs that they love,” he said. For the younger set, stay slow and steady. The market will bounce back.”
The markets killed your early retirement dream, but there is a way to Freedom 65
FP Answers: Should I invest in an RRSP or non-registered account when saving for a home?
By Julie Cazzin with Doug Robinson
FP Answers: Should I invest in an RRSP or non-registered account when saving for a home?
Why a business owner who paid himself dividends got into trouble with the CRA
Dividions represent the investor’s share of corporate after-tax profits that a corporation decides to distribute to its shareholders rather than retain for its own use. A dividend is not legally considered remuneration, which can have severe implications for a business owner as one Delta, B.C., taxpayer recently found out. The taxpayer argued the dividends paid to him were in consideration for services he provided. The Tax Court has failed. The tax court has failed in the past. The court said a dividend is... more
Why a business owner who paid himself dividends got into trouble with the CRA
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