Feb
23

Cash Flow -- The next level

Cash Flow yields 3 important functions: Excess cash flow can be reinvested to create more growth Income can be temporarily diverted to supplement or replace lost income (financially disruptive life event) When you stop working, cash flow is already in place. The more incoming streams, the better! To learn more about how to take your cash flow to the next level, join us at the Financial Boot Camp Level 2! www.kdeducational.ca
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Feb
23

Capital and Non capital losses

Capital losses are losses incurred as a result of a purchase and sale of capital items, such as Real Estate or Stocks.  Capital losses can only be applied against Capital Gains.  Non Capital losses can be applied against any form of income.  Both Non Capital and Capital losses can be carried back 3 years.  Non Capital losses can be carried forward 7, 10 or 20 years. The carry forward periods are: - for taxation years ending March 22, 2004 or earlier, 7 years - for taxation years ending after March 22, 2004, 10 years -for taxation years ending after 2005, 20...
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Feb
22

Where to file your tax return

An individual must file his/her tax return for the province in which they reside on  December 31 of that tax year.  There are special circumstances where a person can be considered a resident of a province but have temporarily relocated to another province – temporary job transfers, student in a province where they do not normally reside.  So if you plan to move to a province with a lower tax rate, do so before December 31 st to make sure you get this lower tax rate applied to your tax return. The CRA has guidelines on how to determine the individual’s...
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Feb
19

Can’t afford to pay your taxes?

It is important to always file your tax return on time, even if you cant afford to pay the taxes you owe to avoid any late-filing penalties.  After you file your tax return, CRA will send to you an assessment notice which will show the amount of taxes you owe.  After the payment deadline, interest will be charged on the balance.  Visit the CRA website for the prescribed interest rates -- http://www.cra-arc.gc.ca/tx/fq/ntrst_rts/menu-eng.html .  It is important to contact the CRA to set up a payment schedule for the taxes you owe.
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