Ten ways the 2017 federal budget will affect your personal finances + MORE Mar 23rd

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21 ways Budget 2017 will affect your finances

1. Employment Income (EI) premiums are going up to $1.69 per $100 of insurable earnings from the current $1.63 per $100 of insurable earnings.
2. The tax credit for Public Transit Tax Credit on Passes will be eliminated effective July 1st.
3. Tighter rules on investment products you can and can’t hold in your Registered Education Savings Plan (RESP) and Registered Disability Savings Plans (RDSP). Strict investment rules had already been outlined for RRSPs and TFSAs. Make sure you’re holding allowable investment products, otherwise the penalties are onerous.
4. The CRA will continue to receive more funding in 2017 to ensure every Canadian is playing by the tax rules and claiming all eligible taxable income. For 2017, the federal government will be spending an additional $523.9 million on top of the $400 million they spent last fall to track tax cheats and collect money from tax evaders both in Canada and around the world.

5 ways Budget 2017 will hike your Friday night spending

5…

Continue Reading On moneysense.ca »

Federal budget scraps Canada Savings Bonds sales and public transit tax credit, but keeps capital gains taxes at 50 per cent

Continue Reading On theglobeandmail.com »

1. Employment Income (EI) premiums are going up to $1.69 per $100 of insurable earnings from the current $1.63 per $100 of insurable earnings.
2. The tax credit for Public Transit Tax Credit on passes will be eliminated effective July 1st.
3. Tighter rules on investment products you can and can’t hold in your Registered Education Savings Plan (RESP) and Registered Disability Savings Plans (RDSP). Strict investment rules had already been outlined for RRSPs and TFSAs. Make sure you’re holding allowable investment products, otherwise the penalties are onerous.
4. The CRA will continue to receive more funding in 2017 to ensure every Canadian is playing by the tax rules and claiming all eligible taxable income. For 2017, the federal government will be spending an additional $523.9 million on top of the $400 million they spent last fall to track tax cheats and collect money from tax evaders both in Canada and around the world.
5. Excise duty rates on alcohol products are going up by 2 per cent effective right now…

Continue Reading On macleans.ca »

When a family member opens cards in your name, you need to file a police report

Continue Reading On creditcards.com »

Consumer tax changes in today’s federal budget will add to the cost of Uber rides while ending a public-transit tax credit. Those are just two of several Liberal government moves that will hit pocketbooks directly, though modestly.

Continue Reading On cbc.ca »

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