I mentioned back in November 2017 that we are in the process of setting up a business. The business will incorporate photography, videography, and audio-only services. Let’s take a look at how you are supposed to apply provincial sales tax.
It’s that time of year again where you file your taxes. There are a plethora of tax software you can use online to file your taxes, most of which look the same and cost the same. I noticed that some bloggers are putting up paid posts by companies like UFile and TurboTax telling their readers to go get a “special discount” by following a link on these paid posts. After some serious eye rolling, I thought I’d hit back by telling you that you don’t have to pay any money to use automated tax software online. What if I told you that you were a chump for paying a company like UFile or TurboTax to do your taxes online? You think I’m about to pull a fast one on you by telling you to do your tax returns by hand, aren’t you? You could not be so wrong.
A discussion on tax efficiency in the comments section over at Freedom 35’s blog (yes, riveting stuff) has spilled over here: where, oh where, to put plain vanilla US dividend paying stocks for Canadians? The obvious insta-blurt-out-without-thinking answer is in the RRSP. But is it the best place? You get the benefits of no foreign withholding taxes and contributions are deductible from taxable income. It’s probably the best choice in a “between a rock and a hard place” scenario, but it’ll depend on your specific circumstance. Let’s consult the tax efficiency matrix.