Archive for December 2012
Net Worth Update December 2012 (+1.75%) – Year End Summary and Giveaway Winners
Welcome to the Million Dollar Journey December 2012 Net Worth Update – The Year End Summary. For those of you new to Million Dollar Journey, a monthly net worth update is typically posted near the end of the month (or beginning of the next) to track the progress of my journey to one million in…
Read MoreTax Considerations for Gifts
MDJ has featured articles about charitable donation tax credits and using flow through shares to maximize your donations. But what about the tax issues surrounding gifts, which may be triggered when donating stocks, bonds, land or building to a registered charity. Personal collections such as sculptures, paintings, stamps, coins, or other antiques that would be…
Read MoreRESP Portfolio Update – December 2012
It’s been a couple of years since my last RESP portfolio update and probably would have been longer if it wasn’t for a reader request for a quick update. Since the last update, there has been a big change. Instead of managing one RESP, now there are two! We have the RESP accounts setup separately, but…
Read MoreIn 2013 the TFSA Contribution Limit Increases to $5500
On November 26, the Harper government announced that starting January 1, 2013 they will increase the Tax Free Savings Account (TFSA) limit by $500 to $5500. About 30% of Canadians who have a Tax Free Savings Account max out their annual contributions, so this news should be welcomed by these TFSA maximizers. This is the…
Read MoreConsumer Price Index (CPI): How Does It Affect Me?
The Consumer Price Index (CPI) is an important measure to the Canadian economy. Whether it’s a price increase at your local grocery store, a rise in salary or a pension cost of living adjustment, the CPI affects millions of Canadians every day. Most people use the terms CPI and inflation interchangeably – although both measure…
Read MoreCommunity Volunteer Income Tax Program
Sometime back, I was talking to a colleague about income taxes in general and she mentioned that she must remember to set up an appointment with the local accounting firm and file her return before the income tax deadline. I inquired if she always used a tax professional and she answered in the affirmative. That…
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