Found Money: What to do?
What should you do with found money ? Some say you should just splurge it, but maybe it would make much more sense to pay down debt with that money.
The Hidden Cost of Clawbacks: Taxing Federal Benefits
Why does the Canadian government tax some of the very benefits it pays out? This article explores the logic behind taxable vs. non-taxable federal benefits, comparing programs like the Universal Child Care Benefit and the (now former) Child Tax Benefit. It questions the administrative costs of taxing government-issued income, the policy goal of clawbacks, and the fairness of complexity in the system. The author suggests a more transparent and efficient structure might achieve the same budgetary goals without confusing taxpayers. Though written in 2013, this article remains relevant for anyone grappling with the oddities of how government support is taxed in Canada.
Keep Those Receipts for the CRA
One thing I have noticed over the past few years, is that every time I have added a new or different kind of Tax deduction, credit or such, since I start using E-file, inevitably, I… Read More »Keep Those Receipts for the CRA
Tax Day 2013
It is tax time again. Learn why you should file your taxes promptly to avoid penalties and ensure financial clarity.
Tax Tip: Family Caregiver Amount
The Family Caregiver Amount Canada tax credit supports families caring for disabled loved ones. Tax software doesn’t always display it clearly; double-check your return to ensure you’re receiving the credit.
