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By now you should have completed your taxes and are most likely eagerly awaiting your return. While some will get just a couple hundred dollars back, some of you could be in for a fairly sizable cheque. It’s easy to get excited about unexpected money, and hard not to want to spend it all at once. Before it arrives, though, take some time to think about how you can best use that money. Here are 8 suggestions for ways you can spend your tax refund wisely.
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No one wants to get audited, but it happens. If it does happen, though, you’ll want to be prepared. Today we’re going to talk about the red flags CRA looks for and how to avoid waving those flags, as well as how to prepare for an audit, should it ever occur. As with most things in life, the more prepared you are, the easier the situation is to deal with.
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Owning an income property or two is both a great way to make money and a real financial challenge. It’s been an excellent source of income for people over the last decade or so, as real estate prices in Canada have soared. But making money from property is a lot of work, an ongoing expense and requires some financial know-how to, in the end, make it make sense.
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It’s that wonderful time of year again. When we dig deep into our shoeboxes full of receipts and wait eagerly for official tax documents to arrive in the mail. All to file our tax refund before the end of April. Are you ready for it this year? Did you keep a good record of all the charitable contributions you made, the receipts you can write off and are you aware of all the incentives you might qualify for?
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A lot of us give back. One study revealed that 84 per cent of Canadians give at least a little something to a charitable organization every year. Whatever your story, be aware that you’ll probably give this year — maybe a lot, maybe just a little. Best to do so with an eye to the ethics and finances behind your giving.
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Want to know what the outlook is on mortgage rates for the next 30 to 40 days? Our panel of mortgage experts share their views on Canadian Mortgage Rate Trends.
Panel Consensus
May 2012
