- Rita Trichur, a journalist with The Toronto Star, is looking to interview people living in the GTA who are enticed by a spate of new promotions offered by the big banks (like the offer of an iPod from TD Bank) and are looking to switch. Interested readers can contact her at rtrichur-at-thestar-dot-ca.
- Thanks to Jon for pointing out that starting July 1, Canadians with young children can claim the new $2,000 Child Tax Credit that was introduced in Budget 2007, which would result in tax savings of $310 per child. One of the parents can claim the new credit for any child under 18 years of age. Jon also points out that you can reduce the amount of tax deducted at source by providing some extra information to your employer or submitting a revised Form TD1.
- You can add stamps and photographs to the list of exotic investments that now includes diamonds, fine art, wine, violins and soccer players. An interesting nugget in the same New York Times article says that prices for the 4,000 most popular artists gained 75% since 1988, which works out to a pathetic 2.8% annual return.
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5 responses so far ↓
1 Road to Harvard // Jul 18, 2007 at 10:18 pm
@3
I think people have trouble making the distinction between an investment and pure speculation.
2 Big Cajun Man // Jul 19, 2007 at 11:18 am
Glad you pointed that out, I had forgotten completely about that. My employer says I have to fill in a new form, even though they have the data? Gee thanks guys.
3 FinancialJungle.com // Jul 19, 2007 at 6:53 pm
Hi CC, this question may be a bit off-topic. If it’s all the same to you, when is the most tax-efficient time to have a child? My instinct tells me the middle of the year. That way, income is divided evenly between 2 calendar years to minimize marginal tax rates.
Thanks,
FJ
4 Canadian Capitalist // Jul 19, 2007 at 7:03 pm
FJ: Sometime in the first half of the year (March to June) would be ideal. If you are planning on day care (which is tax deductible), its better to have more income in the second calendar year than the first. Still, it is impossible to precisely time these things. Babies have a mind of their own on when to come out!!
5 Jon D. // Jul 19, 2007 at 10:32 pm
Also UCCB and CCTB are only paid on whole months (and it is retroactive). So have your child near the end of the month too, preferably 30th or 31st.
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