Inst. of Chartered Accountants

Condo buyer’s checklist

With convenient locations, affordable prices and minimal upkeep, condos have real appeal, especially for people just getting started and those looking to downsize.

Small business and the HST

The Harmonized Sales Tax (HST) promises to have wide-ranging effects on small businesses.

How the HST affects you

On July 1, 2010, Ontario introduced a Harmonized Sales Tax (HST) - the provincial portion is eight per cent and the federal portion is five per cent, for a combined HST rate of 13 per cent.

How much money will you need when you retire?

You are looking forward to a long and healthy retirement. But how much will it cost? Here are five tips to help you figure out how much money you will need when you retire.

CPP changes could affect you

The Canada Pension Plan (CPP) is changing, with some new rules taking effect as early as 2011. The changes will affect people about to start collecting CPP retirement benefits, as well as those already drawing them. Here are some tips on how the changes might affect you from Chartered Accountant Tina Di Vito, head of the BMO Retirement Institute in Toronto.

Mortgage shopping: 10 things to know before you sign

Someone once said that moving is one of life’s most stressful events. And if adjusting to a new home isn’t enough to cope with, you’ve now got to pay for it, and still have enough left over to buy groceries.

Tips for first-time homebuyers

For many, buying a home is one of the first – and biggest – goals in life. But the process of finding that first house and arranging to pay for it can also be one of the most complicated tasks in life. Especially when finances are limited, the market is pricey and there’s so much choice.

Mixing golf and business

For many, combining business and golf is the very best in multi-tasking. What better way to build a relationship with a client, a prospect, or even a co-worker than with four hours of recreation in a private, outdoor setting?

Golf insurance – who needs it?

Canada’s favourite summer game is not without its hazards. And contrary to what most players think, water and sand are not the worst of them.

To move or not to move - that is the question

Can you survive a reno? Many homeowners wrestle with that big question: Is it better to find a new home that’s larger, better equipped and more suited to your needs, or renovate the one you’re already living in?

Sell your home and corner the market!

We all want the same thing when we sell our home: the most value with the least amount of fuss and expense. Brian Joffe, MBA, CA and Partner with Fuller Landau LLP in Toronto, says we can have it, too. The trick is keeping an eye on the ball and doing the right things to prepare for the transaction, from the very beginning.

Time for a second career?

You’ve retired - congratulations! So are you thinking about going back to work? “When seniors go back to work I find that it’s often not for financial reasons,” says Chartered Accountant Gordon Stockman, Vice-President of Efficient Wealth Management in Mississauga. “They’ve already confronted retirement and have given up the paycheque. So they can look in the mirror and know they are working because they want to.”

Seniors: collect all your benefits!

If you are a senior, you have likely paid into many types of retirement income and benefit plans. Here are some tips to make sure you are collecting all the benefits to which you are entitled. Know what you paid into – “The major sources of retirement income plans that Canadian seniors pay into through contributions include the Canada Pension Plan (CPP), group Registered Retirement Savings Plans (RRSPs) and individual RRSPs,” says Chartered Accountant Angèle Charbonneau, a partner with Laberge Venne & Partners Professional Corporation in Sudbury. “Other sources include company pensions, encompassing both defined contribution and defined benefit plans.”

New, or new to you – tips for car buyers

Who doesn’t love a new car? Unfortunately, you pay a huge premium for that new-car happiness. A vehicle is not an investment. It’s a constantly dwindling asset that loses value the minute you drive it off the lot, depreciating by as much as 20 per cent the first year. Then again, new cars come with guarantees - if something goes wrong, the manufacturer fixes it. And with all the recent upheaval in the auto industry, there are some good deals to be had on new cars. But can they compete with the price of a well-maintained used car with low mileage? What things should you consider as you weigh the pros and cons of buying new versus used?

Condostyle: the choice is yours

They’re today’s emblem of modern city living. With on-site services, minimal maintenance and sometimes even at-your-door transportation and shopping, condos are the home-ownership choice of seniors wanting to downsize, twenty-somethings trying to enter the real estate market, and everyone in between.

Buying a condo? Buyer beware!

There are as many reasons for choosing condominium living as there are people who buy them. For some, it’s the location. Others want the amenities condos can offer, like exercise rooms, pools or tennis courts. Then there’s convenience – home ownership without the snow-shovelling, lawn-mowing or upkeep of a private residence.

Identity Theft Requires Quick Action

It might be a phone call from a collection agency, wanting back rent for an apartment you’ve never lived in. Maybe the bank refuses to renew your mortgage, citing a lien on your home you know nothing about. Or the bills just start arriving for credit cards, cell phones or other things you don’t have and didn’t buy. However it happens, discovering that your identity has been stolen can be terrifying. There may be no way to avoid the hassles and headaches that are to come, but knowing what to do can lessen some of the anxiety.

Don’t let identity theft happen to you!

Welcome to the 21st century. Today, a thin magnetic strip or a few well-placed keystrokes are all that lie between us – our personal stuff – and the whole wicked world. Thieves don’t have to get up-close-and-personal to rob us anymore. No need to, when people will voluntarily, albeit unwittingly or just carelessly, hand over the keys to their personal lives, fortunes and peace of mind.

Tax Tips

Tax Tip 1 of 12

Online access to your tax information

Stop waiting for the mail! You can now review your tax accounts online. “The Canada Revenue Agency (CRA) has electronic services that let individuals access their tax and other financial information online,” explains Chartered Accountant Byron Beswick, Senior Tax Manager, Soberman LLP, Toronto. “My Account allows you to review all kinds of information, including your tax returns and carryover amounts, RRSP deduction limit, and information on the status of your Home Buyers' Plan and Lifelong Learning Plan, disability tax credit and benefit payments.”

Convert summer cottage to year-round home

You love your cottage and spend every moment you can there. But should you leave the city behind and live there full-time? Here are some things to consider before turning your cottage into a year-round home.