Taxes

When To Hire A Tax Consultant

Ah, tax season. It’s just about everyone’s least favorite time of year (unless, of course, you’re in the business of taxes – then it’s probably your favorite time of the year). And it’s understandable why everyone gets so annoyed come tax season, because if you aren’t well-versed in the language of taxes they can be confusing, time-consuming, and extremely frustrating. But as much as everyone may want to take the easy route and fill out the 1040-EZ tax forms with a few clicks of the mouse on the computer, sometimes it’s better to go ahead and hire a tax consultant and have them handle it for you. So how do you determine if you should be hiring a tax advisor?

1.      You’re a contract employee

When you’re hired on a contract-basis and you don’t have taxes withdrawn from your paycheck that means you have to pay the taxes at the end of the year. It can be valuable to hire a tax advisor to help you figure out what all you need to pay and what you get to deduct as ‘business expenses’.

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February 3, 2012
Investing

Asset Allocation 101

One of the biggest mistakes inexperienced investors make is to throw all their capital into one well-performing stock in the hopes they’ll see extraordinary returns in a short time.  While this can and does happen occasionally, it is mostly blind luck, and altogether not a very wise investment strategy.

A more seasoned investor will tell you that the best way to play your money is to diversify your assets.  And that, almost all the time, is the best advice you can get.

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February 1, 2012
Taxes

Free Tax Preparation For Canadians On Social Assistance

Many people don’t realize it, but filing a tax return on time is especially important for people who rely on social assistance, because it triggers many government benefits such as the Canada Child Benefit.  Families that don’t file their taxes by the deadline risk having their benefits interrupted.   Filing a tax return doesn’t have to be expensive.  In fact, there are several free options:

  • H&R Block is offering free tax prep at participating locations for people on social assistance until February 24th (see media release below)
  • Canada Revenue Agency holds volunteer tax preparation tax clinics in some communities (http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/clncs/menu-eng.html)
  • Many online tax filing options are free to people earning less than $20,000 (H&R Block online, Studio Tax, etc.)
  •  Pick up tax forms from the post office and go the traditional pencil and paper route

H&R BLOCK CANADA OFFERS EXTRA HELP THIS TAX SEASON

Free tax preparation for Canadians on social assistance

 CALGARY, Alberta – (January 30, 2012) – H&R Block Canada is expanding its free Block Builders tax program for a limited time to help taxpayers on social assistance or Universal Child Care Benefit (UCCB) or both get their tax returns prepared at no charge at participating locations until February 24.

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January 31, 2012
Debt

The Pros And Cons Of Equity Release Schemes

Equity release schemes are programs that let homeowners access the money tied up with their property. These programs mainly benefit people between the ages of 55-70 who have already paid off their mortgage and own their home.

What is an equity release scheme?

An equity release scheme is basically a loan, which is paid in either one lump sum, or drawn out over a number of years. This loan is paid against the value of your home, which is passed onto lenders after you have passed away, or have been moved into a retirement home.

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January 30, 2012
Debt

Should I Take Out An RRSP Loan?

What is an RRSP Loan?

When you borrow money from the bank in order to contribute to your RRSPs, you are using an RRSP loan.  There are different types available. Some need to be paid off within a year, while others you can pay off over a much longer time period.  You will often be given a more favorable interest rate if you have your RRSP at the same financial institution that grants you the loan.

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January 27, 2012