A capital gain happens when you sell (or are considered to have sold) a capital asset for more than what it cost you, plus selling costs.
Common capital assets include:
Every year, millions of Canadians file their personal tax returns using DIY software. It’s fast, convenient, and the math is usually correct.
But software is not a tax advisor. It can’t see the full picture of your life, it doesn’t …
As you may already know, tax planning is all about minimizing or eliminating taxes. Effective tax planning requires time to implement. The earlier you start planning, the more tax-efficient you’ll be with your affairs. As we approach the end of …
This is often misunderstood. To be clear, “tax-deferred” does not mean the same thing as “tax-free.” Tax-deferred is something that must eventually have taxes paid on it. On the other hand, tax-free will not need any tax payments made.
Tax-Deferred…
Did you know that the majority of tax laws are written to motivate certain behaviors?
The government will use tax laws to levy more taxes. But it will also use tax laws as tools to shape the economy by promoting …
Taxes are by far the largest cost that most households face, yet most people do nothing to manage their taxes
…“The best things in life are free, but sooner or later the government will find a way to tax them.”
Did you know that you could plan your affairs to save on taxes if you know your marginal tax rate?
The Canadian tax system is based on marginal tax rates. This simply means that the more money you make, the …
A few years ago, I did an exercise that completely changed how I see money.
I pulled my tax data for the last decade and summarized three numbers from each tax return:
A few years ago, I had the opportunity to interview two Canadians that achieved financial independence in their 30’s.
I was curious to hear from them directly and to get a better understanding of how they did it, what it …
“Next to being shot at and missed, nothing is quite as satisfying as an income tax refund.” — F.J. Raymond
When it comes to taxes, the term “income” isn’t quite as straightforward as you might think.
In Canada, there are …