Advent continues on, and hopefully you are getting all your festive duties completed with not too much stress and strain. Remember Advent is the time of preparation in your holiday calendar. Just remember you can still get gift cards at any gas station (that is open) on Christmas Day (helpful present gift of the week).
The Liberals continue to do as they promised, and have announced that the TFSA limit for 2016 will be $5500. Will this cause all those rich folks to charge out and deposit $10000 in their TFSA? Not really sure but it might happen. The alleged middle class tax cut will be implemented as well, which will save you about $600 or so, unless you make more than $200000 in which case, the new tax measures are gonna hurt. I have asked the CRA whether the Family Income Splitting Tax Break is now off the table (i.e. cancelled), but haven’t heard back yet. Will the new trumped-up (pardon the pun) Nanny-gate take the shine off the Dauphin? We shall see.
There is a chance that Canada might actually have a negative interest rate from the Central Bank? The Governor of the Bank of Canada said it is not very likely, however it is not completely off the table either. What would a negative interest rate be used for? To stimulate spending, since keeping your money in a bank would cause it to decrease, but isn’t that kind of what is happening with bank accounts with 0.01% interest and $20.00 month bank fees? Sorry, I couldn’t resist. We do seem fixated on stimulating our economy.
My Writings for Week Ending December 11th
Our tree is not up yet, but I did do some writing this week:
Isn’t redundancy a bad thing ?
Some fun Christmas stuff from the past
Facebook Post of the Week
Friend of this site, Kerry from Squawkfox was on the television last week talking about managing kids’ expectations at Christmas. Does this mean she is giving me a lump of coal this year?
Tweet of the Week
It was very nice of the CRA to answer my tweet and now we have confirmation that the CRA does have an RN on call to help out with the T2201 forms (learned that from a commentator ):
@bigcajunman To get help with filling T2201, pls. call 1-800-959-8281 and provide your contacts and an RN will call you back.
— CanadaRevenueAgency (@CanRevAgency) December 7, 2015
How goes your Advent Preparations?
Running any business in Canada is not an easy task, and one of the biggest headaches is the Tax laws here, and who better to talk about that, than our friendly accounting maven, Mark from Blunt Bean Counter, with Inbound and Outbound International Taxation Issues for Corporations Doing Business in Canada. Small business is a part of the backbone of the Canadian Economy, might be nice to simplify our tax laws (a little). Friend of this site, Larry MacDonald, also wrote in the Globe and Mail about small business tax issues with Doctors, lawyers concerned about Trudeau’s small-business tax changes. Continuing on with this tax topic, Frugal Trader from Million Dollar journey wants to help us with our taxes, with Year End Tax Tips: 2015 , it is an older article republished but still topical.
I have talked before about Going to the Gym to Work on My Retirement, and with that in mind, Marie from Boomer and Echo takes another angle about the importance of remaining healthy, with The Real Cost of Bad Habits. They are expensive in terms of your health, but also in terms of your finances too!
I get the feeling Michael James seems to have the Federal Government and specifically their employees on his mind lately, as he reviews an interesting book called Pension Ponzi, which talks about the Federal Civil Service Pension (of which I am a member) and Michael James also adds some of his own commentary on the subject, as well as reviewing this book.
Graphic Representation of Tax Pain
Remember that Preet was kind enough to do a white board session for us to explain the new (at the time proposed) tax brackets. If you are making less than $200K, you will get $600 more, if you make more, feel the pain, it is coming for you, right soon.
2015 Random Thoughts
- January 2nd Random Thoughts on 2014, Welcome to MMXV and #BestOf
- January 9th Frigid Temps, Plunging Oil, Paris and #BestThisWeek
- January 16th Canadian Economy on the Edge, Frigid Temps and #BestThisWeek
- January 23rd Looser Money, Plummeting Loons and #BestThisWeek
- January 30th CLBs, Weak Loons, Tax Time, Superb Owls and #BestThisWeek
- February 6th Superb Decisions, Gas Going Up, Rugby and #BestThisWeek
- February 13th RRSPs, Valentines, 50 Shades of Debt and #BestOfThisWeek
- February 20th Lent Begins, Freezing Temps, Apples and RRSP and #BestOfThisWeek
- February 27th RRSPs, Saint David, Right Arm and #BestOfThisWeek
- March 6th Illness, K-Cups, Interest Rates and #BestOfThisWeek
- March 13th March Madness, Taxes, Friday the 13th and #BestOfThisWeek
- March 20th Spring has Sprung, Ten Years, The Madness and #BestOfThisWeek
- March 27th Death of EPost, More Madness, and #BestMoneyStories
- April 10th Senators, Retiring Rich and #BestMoneyStories
- April 17th Playoffs, Tax Time, Beer tax and #BestMoneyStories
- April 24th RRIF Allowances, Bursary Changes, Budgets and #BestMoneyStories
- May 1st Tax Extensions, Golf Season, Bank Fees, May Day and #BestMoneyStories
- May 8th Alberta Valium, Mother’s Day, Che Guevara, Pay Day Loans and #BestMoneyStories
- May 15th Starbucks, Monty Burns and #BestMoneyStories
- May 22nd Coach Money, CPP Up 18 pct, Losing $15B and #BestMoneyStories
- May 29th Easy Money, Better Cell Deals, Dirty Football and #BestMoneyStories
- June 5th Starbucks, Hacked Government Folk and #BestMoneyStories
- June 12th Voldemort for PM, HSBC Cuts 50K, Hockey Talk and #BestMoneyStories
- June 19th Aeroplan Student Loans, Dad’s Day, Kill CSBs and #BestMoneyStories
- June 26th Summer is Here, Canada Day, Christmas and #BestMoneyStories
- July 3rd 2 Day Work Weeks, 4th of July, Greece, and #BestMoneyStories
- July 10th Glitches, Greece, Recessions and #BestMoneyStories
- July 17th Loosest Money, Weddings, Greece and #BestMoneyStories
- July 24th, Family Allowance, Diving Dollar, Access Sharing and #BestMoneyStories
- July 31st, Elections, Heat, Cheap Oil, and #BestMoneyStories
- August 7th, Cheap Gold, Cheap Oil, Weak Dollar, Election Week 1 and #BestMoneyStories
- August 14th, RDSPs, Thrifty NFLers , Election Ho Hum and #BestMoneyStories
- August 21st, Rhinos Return, No Good Debt, Election Banter and #BestMoneyStories
- August 28th, Boom Goes the Markets, Market Cheese, and #BestMoneyStories
- September 4th, Back to School, RESPs, Banks Behaving Badly and #MoneyStories
- September 11th, That Day, I Miss Jack, Easy Money and #MoneyStories
- September 18th, Surplus, What Surplus, NBA Frugality, National Debt and #MoneyStories
- September 25th, The Pope, Autumn, Elections, Volkswagen and #MoneyStories
- October 2nd, An Older Canada, Farewell Max, and #MoneyStories
- October 9th, Turkey Day, Elections and #MoneyStories
- October 16th, CPFC15, Election Day, Jays and #MoneyStories
- October 23rd, Election Reflections, Loose Money and #MoneyStories
- October 30th, Spooky Prices, Falling Back, and #MoneyStories
- November 6th,Financial Literacy, New Cabinet, Hydro One and #MoneyStories
- November 13th,Remembrance, Friday the 13th, Financial Literacy and #MoneyStories
- November 20th, Paris, Black Friday, Financial Literacy and #MoneyStories
- November 27th, Black Friday, Cyber Monday, Regretful Tuesday and #MoneyStories
- December 4th, Loopy Hydro, Loose Money, Disabilities, Advent and #MoneyStories
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