Manitoba Hydro is building a new power transmission line called Bipole II. Farmers don’t like the route because it affects their irrigation lines and operating costs as land is taken out of production and farming activities are complicated by having to work around the towers. Regardless of whether the land is expropriated or voluntarily offered […] Read more
Stories by Larry Roche
Health care is growing tax sponge
Canadians shouldn’t be too smug about the wild and sometimes bitter debate raging in the United States about public versus private health care. Those who object to public health care in the U.S. point to the rising costs and increased wait times for treatment of life-threatening conditions in Canada. They point out that imposing a […] Read more
Sell losing investment for RRSP contribution
Does your nonregistered stock portfolio still contain some dogs that have never recovered from the market downturn? Are you confident, however, that the fundamentals of these businesses are sound and their stock prices will eventually recover? One way to alleviate some of the financial pain is to sell these securities and claim the realized capital […] Read more
Employers’ gift giving generosity rewarded with tax relief – Money in Your Pocket
As Christmas approaches, don’t forget that your farm business or other enterprise can play Santa Claus for workers who have made valuable contributions in 2009. It might also provide you with minor tax relief by increasing your business expenses before year-end. The Canada Revenue Agency supports such gift giving and next year will become even […] Read more
Protect registered investments from creditors – Money in Your Pocket
Are your Registered Retirement Saving Plans or Registered Retirement Income Funds safe from creditors? Essentially, the federal government passed legislative amendments in 2007-08 to protect taxpayers from losing all types of registered investments on bankruptcy. Under these new rules, all RRSPs and RRIFs that are properly locked in and have a registered beneficiary are exempt […] Read more
Tax efficient investing – keeping your money – Money In Your Pocket
This is the third in a series on tax burdens and strategies to get around them. There are key strategies for tax-efficient investing, one of which is to review your portfolio of off-farm investments on a regular basis. Ideally this should be done before year-end so you have time to reduce your tax burden. There […] Read more
Off-farm investments a wise idea – Money In Your Pocket
I mentioned in my last column how the average tax-paying family in Canada pays more in taxes to all levels of government than it spends on shelter, food and clothing. As a result, it is probably in all our best interests to find strategies to keep more money in our pocket. One way to do […] Read more
Taxation burden extends beyond familiar taxes – Money In Your Pocket
The recession has slashed government revenue and massive government spending may leave a deficit this year of $55 to $105 billion. It is clear more taxes are coming down the pike. There will be a big bill to pay and we may well be paying it for years to come. This is the first of […] Read more
Fine line exists when determining tax status of maintenance – Money In Your Pocket
It’s no easy matter to get a handle on the Income Tax Act and its regulations and how the Canada Revenue Agency and the courts will interpret them. Sometimes the skills of professional tax practitioners might be less important than those of a psychic. One case in point is the treatment of expenses for repair […] Read more
New tax policies friendly to small businesses – Money In Your Pocket
Ontario, once the financial capital of Canada, is faltering. Alberta, until now the tax friendliest environment in Canada, is being surpassed. Look out Canada, here comes Manitoba. In the latest federal budget, the small business deduction (SBD) limit for Canadian-controlled private corporations (CCPCs), which are taxed federally at the historically paltry rate of 11 percent, […] Read more
