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Sep
10

Great Quotes from the Oracle of Omaha

Warren Buffet, famously called the “Oracle of Omaha,” often sparks interest and delight among his fans with his business wisdom and humor.  Here are a few famous quotes from some of his speeches and interviews. “Rule No. 1:  Never lose money.  Rule No. 2:  Don’t forget rule no. 1” I am a better investor because I am a businessman, and a better businessman because I am no  investor.” You can sell it to Berkshire, and we’ll put it in the Metropolitan Museum; it’ll have a wing all by itself; it’ll be there forever.  Or you can sell it to some porn...
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Jul
06

CRA (non) confidential

 Source:  An article by Dean Beeby, The Canadian Press, OttawaAccording to this article, several tax workers have been caught snooping on the tax information of their ex-spouses, relatives and colleagues.  These tax workers have been using the CRA computer system to read confidential tax files.  CRA reports show that these employees have been improperly reviewing private financial and tax information of taxpayers without their knowledge.  People like ex-spouses, creditors, mothers-in-law and colleagues of these employees are often the victims. Not only did these employees access confidential files, they have also used government resources to provide preferential treatment to certain individuals connected to these...
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Jun
29

Simplified logbook for Motor Vehicle Expense

 June 28, 2010 – The CRA has just announced the introduction of a new simplified logbook for motor vehicle expense provision to ease the tax compliance burden of  small and medium sized businesses.This is one of the government’s steps to make it easier to do business in Canada.  This new sample logbook was designed to help small and medium sized businesses to simplify record keeping, reduce paperwork and still provide accurate information for tax purposes.  This latest effort came about as the government worked closely with the Canadian Federation of Independent Business or CFIB and other organizations to address the needs of small and...
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Jun
23

TFSA transfers

 Apart from the TFSA overcontributions, there is also confusion on the rules of transferring from one TFSA to another amont TFSA holders. According to the rules, you can directly transfer funds from one TFSA to another without affecting your contribution room limit. However, if you make withdrawals from one of your TFSAs on Day 1 and recontribute the funds withdrawn to another TFSA on Day 2, this is not considered a direct transfer but a withdrawal and contribution.  And because the adjustment in your contribution limits from your withdrawals is not applicable until beginning of the following year, you are overcontributing to your TFSA and therefore is subject to penalties.It...
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The KD Blog