We're right in the middle of tax season and what better time to talk about how to reduce your tax burden by operating a business out of your home? By using a portion of your home to run your business, you can start claiming a portion of your household expenses as business expenses. There are a few things you need to be aware of but in general it isn't that difficult to save a decent chunk at tax time. ... read more of this story»
If you are frowning and thinking to yourself, "Of course my mortgage interest is tax-deductible!" then you are likely a visitor from the United States. If you are frowning and thinking to yourself, "Of course my mortgage interest isn't tax-deductible!" then you are probably a Canadian. Our neighbours to the south have been enjoying a tax break on their mortgage interest for some time now. Although, as a Canadian, your home's mortgage interest is not normally tax-deductible, there is a technique that can make all or part of your mortgage interest expenses tax free. ... read more of this story»
The 2008 Federal Budget has an incredible treat for individual investors: The Tax-Free Savings Account or TFSA. This is how it is described in the budget press release: "This flexible, registered, general-purpose account will allow Canadians to watch their savings—including interest income, dividend payments and capital gains—grow tax-free." Let's take a closer look at how this will work. ... read more of this story»
If you've ever heard someone argue against the benefits of being frugal then you've heard the "I-don't-want-to-deprive-myself" argument. It's always the first one to come up. However much we might disagree, there is an element of truth to the deprivation criticism. A lot of times, being frugal means passing up something you'd like to have but don't really need.
Today I'll show you a couple of places where you can exercise your frugal muscle without coming anywhere close to depriving yourself. ... read more of this story»
Let me start by saying that not all income is created equal. This is primarily due to the different tax treatment of various sources of income. In this installment of the Personal Finance 101 series we'll take a look at four common sources of income: employment, interest, capital gains and dividends. We'll also look at how Canadian tax laws can significantly affect how much you get to keep at the end of the day. You might be surprised ... I know I was! ... read more of this story»
For many of us, the only way we know we are in rough financial shape is when we start having trouble paying the bills at the end of the month or when our debts just keep increasing instead of going down. For some, personal finance can seem like a complicated topic to grasp but it doesn't have to be. For others, personal finance seems simple but maybe you are overlooking some important concepts that could be helping you to escape the rat race sooner.
Over the next few weeks I'll be posting a series on personal finance concepts which should help demystify where your money is going and help you to regain control. This first article is an introduction to the key concepts of personal finance. ... read more of this story»
Do you ever get the feeling that you are trapped in your current job? Maybe you don't enjoy what you do and you feel you aren't getting paid enough to do it. I bet a little raise would help your spirits, but likely your boss doesn't see it that way. So what can you do? Well, you could start by giving yourself a raise. ... read more of this story»