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What Is An RRSP - Part 4 (Final Part) - Miscellaneous 2008-03-30 08:32:27 Miscellaneous Income can be earned in many forms. When your savings accounts pay interest, that is income. When your mutual funds pay distributions, that is income. When your stocks pay you more stocks, that is income. The amount you save by putting money in an RRSP depends on your marginal tax rate. The minimum tax savings will be 22% of your contribution—e.g., a $5,000 contribution would save you $5,000 × 22% = $1, 100. But the same $5,000 would save you $1,400, if your marginal tax rate is 28% $2,150, if your marginal tax rate is 43% $2,500, if your marginal tax rate is 50% The amount of withholding taxes you pay by taking out money from an RRSP depends on the amount you are withdrawing. Follow the rate below: Default rate Read more:Final
Why We Don’t Invest? 2008-03-26 21:02:39 Our main problem is a lack of information. Most Canadians were never taught any personal-finance lessons in school and in university. Also, we have this idea that in order to invest, we need a lot of money, a PhD, and status as an investment guru. Invest Now shows you how you can start investing with very little money—and even less expertise. Investing can be as simple as walking into a bank or picking up your phone. Award-winning book Invest Now is jam-packed with timely information and timeless advice for the beginning Canadian investor. To purchase a copy, visit Chapters Indigo or click here to buy online - Invest Now: A Canadian's Guide to Investing
What Is An RRSP - Part 3 - Disadvantages of a Registered Account 2008-03-24 21:03:47 Disadvantages of a RegisteredAccount
The account is registered with Canada revenue Agency (CRA). That’s where the term registered comes from. You are only allowed to deposit so much money. Withdrawals are restricted. You are taxed on the amount you withdraw. The more money you withdraw, the more taxes you pay. See withholding tax rates listed at the end of this chapter. You can’t keep this account forever. The account has to be terminated once you are 71, and you have to convert this account to a Registered Income Fund (RIF), from which you have to receive annual income by law. Also, you can take out all your money once you are 71, but this is not a good idea, as you have to pay hefty taxes. RRSP Annual Limit You can only invest so mu
Snow Covered Tree 2008-03-22 00:59:25 Snow covered trees. ST. JAMES park. On the corner of Church Street and King Street, downtown, Toronto. Read more:Covered
Canada Gets A+ Again 2008-03-18 22:42:59 I wrote an article in September 2007 about Canada
’s come back in the top 10 of the least corrupt countries. You can read the full article here – Canada Is Back In The Top 10 Of The Least Corrupt Countries Today, I am writing to let you know that Canada is back in the spotlight again. And yes, obviously it’s good news. Forbes magazine recently published a list of The World’s Dirtiest Cities and on that list – the best city is Calgary, Canada. Calgary scores the highest to become the cleanest city in the world. Are you curious to know the name of the city with the lowest score? Baku, Azerbaijan received the lowest score to become the worst on the list – The World’s Dirtiest City. Congratulations to Canada for this prestigious achiev Read more:Again
Banks Are Charging Ridiculous NSF Fees 2008-03-16 01:28:55 Just received a Notice of Changes flyer in my mailbox from TD Bank. The flyer is full of as usual information. That is, fees are going up on some services. One fee increase made my eyes pop out in wonder. New NSF (Non Sufficient Funds) fee will be $42.50 starting May 1, 2008. Paying $42.50 NSF fee is way too much and absolutely ridiculous. We all know that banks are only interested in making money, and they don’t care about their customers. Average bank clients are not valued or respected by these banks. We tend to be loyal to our banks, and they are taking advantage of this. Most of us do not research and shop for a better bank. What you can do to get a better deal and treated as a valued customer by your bank? Follow these simple tips below: Read this article Still payin Read more:Charging
A Snow Walk in The Park - Part 1 2008-03-13 19:14:53 ST. JAMES park. On the corner of Church Street and King Street, downtown, Toronto.
What Is An RRSP - Part 2 - Advantages of an RRSP 2008-03-11 20:31:27 The following is an Excerpt from my first book Invest Now. Invest Now is jam-packed with timely information and timeless advice for the beginning Canadian investor. Invest Now covers a broad range of topics including RRSP. Invest Now is available online and will hit bookstores shortly. Click here to read What Is An RRSP - Part 1 Advantages
of an RRSP Deposits generate tax receipts to provide tax breaks. If the account generates income, no taxes have to be paid, because income is sheltered. If you sell your holdings and achieve profits, you pay no taxes on capital gains, but you pay withholding taxes on withdrawals. You pay no taxes on growth and switches made inside your account, as long as you are not going outside the registere
You don’t have to be a financial guru anymore to invest - INVEST NOW has been published 2008-03-07 23:00:14 I am writing this post to let you all know that Invest Now has been published
and available at all major online stores. Invest Now delivers a convincing case for avoiding daily spending temptations and then shows you the secrets to smart investing. With as little as $25, you can become a successful investor by following three simple and practical steps. The must-have guide for Canadian investors, Invest Now delivers three surprisingly simple steps to safeguard your financial future. You don’t have to be a financial guru to develop a consistent savings plan and accumulate wealth. Invest Now offers all the tools and motivation you need to start building a safe and secure financial future now for you and your family. Invest Now has won prestigious Editor’s Choice and
Schulich, New Gold and The Stock Market 2008-04-03 22:16:45 Schulich, New Gold and The StockMarket
When Schulich buys something, it becomes news, and market always waits to hear something like this. Seymour Schulich just bought 4,000,000 shares of New Gold Inc. As a result of this purchase, Schulich now owns 14% common shares of New Gold. This news prompted New Gold stock's price to rise about 3.52 percent and volumes traded reached 1,548,710 after 4.00 today. If you would like to know a little more about Schulich, click here. Also, you can read an article I wrote about gold in 2006 by clicking here. Read more:Stock Market
2007 Tax Return - Don't Forget to Claim Children's Fitness Tax Credit 2008-04-02 21:08:42 Children
's Fitness Tax Credit This will be the first time you can claim a non-refundable children's fitness tax credit on your tax return. Starting January 1, 2007, the Government of Canada is allowing above tax credit on eligible amounts of up to $500. A lot of Canadians are still not aware of this tax-saving opportunity. I am writing this post today to give you some basic information. Here are answers to some common questions about this tax credit What are the age limits? Children who are under 16 years of age or under 18 years of age with a disability are eligible to participate. What are the amounts of the tax credit? Up to $500 eligible amount can be claimed. An additional $500 can be claimed for children with disabilities. W Read more:Return
, Tax Return
A Dawn Journal - Behind The Scene: March 2008 2008-04-07 17:23:20 Here are the top 5 search keywords for the month of March
2008. First-Time visitors used these keywords to find A Dawn Journal
from search engine search results. taxfreeway review toronto snow pictures tax preparation software canada reviews software review canada debt to income canada Here are the top 5 visited pages for the month of March 2008. This represents pages visited by raw visitors (not unique) accessing each particular page on A Dawn Journal, excluding main page. You don’t have to be a financial guru anymore to invest - INVEST NOW has been published Tax Preparation Software - Final Part (Part 3) Toronto HTO Park Tax Preparation Software - Part 1 Tax-Free Savings Account Award-winning book In
Student Alert - Don't Forget To Claim Tuition, Education, And Textbook Amounts 2008-04-09 20:32:29 If you are an eligible student for the tuition, education, and textbook tax credits, this article is for you. Eligible students should be cautious filing their tax returns. If you are an eligible student in Canada, you educational institute will issue you a tax slip called Tuition
and Education
Amounts Certificate. Depending on your institution and course of study, this tax slip can be called T2202, T2202A, TL11A or TL11C. You need to input this tax slip into your tax return to get the tax credit. Going to a college or university could cost you a fortune and so could not inputting this tax slip's information into your return. Simple tax mistakes can cost you hundreds or thousands of dollars every year. Recently, one of my relatives asked me to review her 2006 tax return. It was filed by an Read more:Student
, Alert
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A Snow Walk in The Park 2008-04-12 01:15:14 ST. JAMES park. On the corner of Church Street and King Street, downtown, Toronto.
No One Cares About Your Money 2008-04-14 20:39:23 No one cares about your money but you. Only you know how hard it is to earn a dollar, and even harder to save a dollar - that’s why self-interest is the best interest. The funny thing about money is that everyone can give advice about your money, but they are not nearly so casual with their own money. You are the one who earned it, and only you know the value of each dollar. Why give your money someone else to invest? Do you think that someone else will treat your money the same way as you do - of course not. That someone else will not act his/her best to protect your interests. He/she will act best to protect his/her own interests. You will not do frequent trading to earn commissions. However, that someone else might. That’s why I believe you should be your own money m Read more:Cares
, Money
And The Winneres Are ... 2008-04-17 20:21:41 On February 9, 2008, there was post asking A Dawn Journal readers to participate in Invest Now free book giveaway. I would like to thank all of you who participated. Today I am pleased to announce three randomly picked winners . And the winners are: Nancy Wilson Toronto, Ontario Chris Long Guelph, Ontario Hamid Hasan Calgary, Alberta Congratulations to the winners and special thanks to all who participated. Winners should be receiving a signed copy of Invest Now by the end of this month. Award-winning book Invest Now is jam-packed with timely information and timeless advice for the beginning
Thoughts on Thoughts.com 2008-04-19 21:06:15 The following is a paid review If you are looking for a free blog site with lots of extra features, look no further. Thoughts.com offers a free blog site with tons of added extra options. I will describe you some of the features momentarily. Let me tell you the first thing you will notice when you come to this site. I like the clean and simple layouts Thoughts.com offers. It’s easy on the eyes and unlike some other sites, you are never lost figuring out where to go or what to click on. Thoughts.com is more than a regular blog site; it’s something like a portal. On the front page, you will find recent news, blog posts, featured photos, videos and so on. Let me describe some of the features making Thoughts.com a unique site. Features Free unlimited bandwidth
And The Winners Are ... 2008-04-17 20:21:41 On February 9, 2008, there was post asking A Dawn Journal readers to participate in Invest Now free book giveaway. I would like to thank all of you who participated. Today I am pleased to announce three randomly picked winners . And the winners are: Nancy Wilson Toronto, Ontario Chris Long Guelph, Ontario Hamid Hasan Calgary, Alberta Congratulations to the winners and special thanks to all who participated. Winners
should be receiving a signed copy of Invest Now by the end of this month. Award-winning book Invest Now is jam-packed with timely information and timeless advice for the beginning
Tax Saving Tips - Some Highlights 2008-04-21 20:00:29 Sixty eight per cent Canadians are not familiar with new tax savings available to them – A recent poll done by Environics Research for H&R Block shows. I am writing today to give you some highlights of 2007 tax savings. Basic Personal Amount The basic personal amount is now $9,600. You don’t have to pay taxes if your income is up to this amount. Goes on line 300 on your return. Amount for an Eligible Dependent If you supported an eligible person with an income of less than $9,600, you may be able to claim this amount. Goes on line 305 on your return. Spouse or Common-Law Partner Amount If you supported your spouse or common-law partner who made less than $9,600, you may be able to claim this amount. Goes on line 303 on your return. C Read more:Saving
, Highlights
West African Letter Fraud - A Perfect Example 2008-04-23 19:28:06 In my book Invest Now I dedicated a whole chapter to Internet Scams. West African
letter Fraud is a common form of Internet scam. You receive a letter in the mail convincing you to give out your personal information, and then scammers empty out your bank account. This type of scam can come from anywhere, in any form. It does not have to come from West Africa. Today I have a perfect example of West African Scam to post. I just got this email and picture in my mail box. First, I am going to give you an excerpt from Invest Now, and then I will show you the letter and picture I received. The following is an Excerpt from my first book Invest Now. Invest Now is jam-packed with timely information and timeless advice for the beginning Canadian investor. Invest Now covers a broad range of topic Read more:Letter
, Perfect
, Example
Robert Gourlay 2008-04-26 09:48:01 Robert
Gourlay portrait located in ST. JAMES park. On the corner of Church Street and King Street, downtown, Toronto.
Who Uses Yahoo These Days Anyway? 2008-04-28 20:08:56 Yahoo Ramblings Portal Is No Longer Popular Who uses Yahoo these days anyway? A few years ago Yahoo was the only kid on the block. Unfortunately, things have changed. A portal homepage is no longer a good thing. Who uses portal anyway? Yahoo portal is full of clutter, services and annoying links. No one likes it. Just look at Google. You won’t see any portal kind of start page there. A portal is a thing of the past. Every one realizes that, except Yahoo. Yahoo Email Are you still using Yahoo email? If you are, I will give you an A+ for being such a patient and loyal Yahoo user. I don’t know how you can put up with its intrusive and user-unfriendly layout. Also, it takes too long to load. Flickr Flicker was originally a Canadian(Vancou Read more:Yahoo
, Anyway
Tax Deadline Is April 30 For The 2007 Tax Season 2008-04-29 21:41:20 Tomorrow is tax deadline. Here is what you need to know: Tomorrow is the deadline to file 2007 tax returns. If you have a balance owing, and you don’t file by tomorrow, you will be paying compound daily interest starting May 1, 2008 on unpaid balances. The interest penalty rate is 8% annually. If you owe tax and late file, you will be paying late-filing penalty. Your penalty is 5% of the balance owing + 1% of the balance owing for each late month (up to a maximum of 12 months). If your line 435 is more than line 482, enter the difference on Line 485. This amount represents your balance owing. Tip If you cannot afford to pay your full balance owing, still file your return before due date. Thus, you will be avoiding paying a late-filing penalty. Visit Read more:Deadline
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, Season
April 2008 Monthly Highlights 2008-05-02 22:27:11 It is hard to believe that April
is gone. Toronto May starts with rain, and it feels like summer is nowhere near. I think this is a perfect moment to give you a brief overview of my April posts. 2007 Tax Return - Don't Forget to Claim Children's Fitness Tax Credit This will be the first time you can claim a non-refundable children's fitness tax credit on your tax return. This post gives you some basic information. Schulich, New Gold and The Stock Market Canadian billionaire Seymour Schulich is in the news again. Read this post to find out what he is buying these days. A Dawn Journal - Behind The Scene: March 2008 Interesting behind the scenes facts about A Dawn Journal. Student Alert - Don't Forget To Claim Tuition, Education, And Textbook Amounts Students – don’t fo Read more:Monthly
, Highlights
Personal Finance Software - Part 1 2008-05-05 20:47:24 Budgets Don't Work I don’t believe budgets work for the long run. We have our unique and different ways of doing budgets. Some of us allocate certain amounts for each expense category. Some go by envelop ideas such as putting money in different envelops for different expense categories, and spend money from these envelops based on circumstances. The problem with budgeting is that we usually stick to it for a couple of months and then get bored and get rid of it. Although I don’t believe in budgeting, I do believe in tracking expenses. Why and how you should track your expenses? Let’s talk about it. Track Your Expenses Tracking expenses gives you a visualization of where your money is exactly going. You need to know this to cut unnecessary expens Read more:Personal
, Software
Downtown Toronto Restaurant Gets Creative 2008-05-09 22:58:18 This restaurant gets a little creative on a frigid cold day. Located near the intersection of Sherbourne Street and King Street, downtown, Toronto
. Read more:Downtown
Personal Finance Software - Part 2 (Final Part) 2008-05-12 20:34:29 How long should you track your expenses? How long should you track your expenses? It all depends. You can do it for three months, one year or for good. If you are looking to take immediate action on cutting unnecessary expenses, three months of tracking will give you a fair idea. If you want an in-depth financial picture, I would recommend tracking for four to six months. If you want to keep trac Read more:Personal
, Software
, Final
There Are Lots of Things PayPass Can’t Buy 2008-05-16 22:53:23 MasterCard PayPass allows you to pay without any swiping your credit card, and you don’t need to enter any password. The purpose of this contactless transaction is to make your life a little easier. However, I am finding PayPass is making life even harder. PayPass is not yet widely available. Not all credit card companies and merchants offer PayPass enabled cards and terminals. Tim H
Beware Of This New Credit Card Scam 2008-05-19 15:10:52 A New Kind of Scam A new kind of scam is sweeping across the country. This time, the scammers are not calling to get your financial information. They have all the information. However, they are missing one piece of information, and they can't use your credit card without that. The objective of their call is to trick you to get that one piece of information from you. To gain your trust and sou Read more:Beware
, Credit Card
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