Winnipegers got a voice on where tax will be spent

One Hour Canada
Property Tax Assessments to be Mailed Soon
21 Degrees One Hour
Crossfireconsulting Blog

Free Skiing and Snowboarding Lessons by Okemo in Vermont for Month of December First time or beginner level snowboarders and skiers who are visiting the Okemo Mountain Resort in Vermont in the early end of the season have been invited to take part in a completely complimentary program...
Basics of Budgeting 2 Tracking Your Expenses Now that you are familiar with how much income money you have coming into your home, it has become time for you to pay attention to the expenses that you have on...
Successfully Printing Your Brochures Many experienced advertising people will tell you that you will be wise to get brochures for your advertising materials. You will have a more aggressive campaign when you get them for advertising your products and...

Income Tax Cut for 93% of Ontario Taxpayers

Posted on June 16, 2010 by admin

McGuinty Government’s Tax Changes To Create Jobs, Attract Investment

Starting January 1, 2010, 93 per cent of Ontario income tax payers will get a permanent tax cut, as part of a comprehensive tax plan that will help create 591,000 jobs and make the province more attractive for new business investment.

The province is cutting the first income bracket tax rate by one percentage point, from 6.05 per cent to 5.05 per cent. As a result, Ontario will have the lowest tax rate of all provinces on the first income bracket, and an additional 90,000 lower income Ontario taxpayers will no longer pay any provincial personal income tax.

The comprehensive package also includes $10.6 billion in direct payments and permanent tax relief, including the following:

Starting in August, nearly 3 million low- to middle-income Ontario families and individuals will receive a new, permanent Ontario Sales Tax Credit of up to $260 for each adult and child per year – one of the most generous in Canada.
An additional $270 million in annual property tax relief, through enhancements to the Ontario Property Tax Credit, will benefit 2.3 million low- to middle-income homeowners and tenants.
Starting in June 2010, Sales Tax Transition Benefits will benefit 6.5 million Ontario families and individuals – totalling up to $1,000 for families (including single parents) and up to $300 for single people – in 2010 and 2011.

Property Tax Assessments to be Mailed Soon
Furnace Prices Winnipeg
www.crossfireconsulting.net

Can You Retire on Less? Can I retire on less? This question is no doubt more frequently asked by baby boomers these days. There are at least three reasons why the "retire on less" issue has become so prominent. The...
Tax Credits and Tax Benefits from the Stimulus Package a.k.a The American Recovery and Reinvestment Act of 2009 Today, President Obama signed into law the American Recovery and Reinvestment Act (ARRA)Â that both houses of congress passed on Saturday. Inside of the bill, there's a lot of different spending programs in infrastructure, healthcare, education,...
Tax Prep Tips for the Procrastinator This post is for the millions of Americans who wait until the final days to prepare and file their federal income tax returns. I am one of them, although strategically so. I haven't received a...
What Will It Take to Balance The US Budget? Well, it's coming up (again); the United States government needs to vote to increase its own borrowing authority in order to keep functioning.Â There's also that whole congressional super committee, down to their last week...
Old Condo is Almost Rented As I've mentioned in the past, a surprise opportunity to relocate from Boston to Silicon Valley came across my doorstep. That left me with a decision to make about my condo. I had bought it...

Sarnia property taxes up 1.8% in 2010

Posted on March 19, 2010 by admin

Property taxes in Sarnia, Ont., will go up 1.8 per cent in 2010, according to the new budget set by city councillors at a meeting Tuesday night.

The $132-million budget also includes a one-time one per cent levy to complete capital projects worth $20.4 million.

Overall, “it’s a restraint budget” that cuts services “in very subtle ways,” said Coun. Mike Kelch.

“I don’t think it’s really going to [have an] impact,” Kelch said. “I don’t think people will say ‘Oh, I really notice that.’”

The property tax increase will translate to $15 for a home assessed at $100,000, the budget said.

That’s “a very modest tax increase,” Mayor Mike Bradley said, adding it will help pay for “a massive infrastructure investment in the community” in 2008 and 2009.

“So that in turn creates jobs, renews the community and gives us a real strong way to exit the recession,” Bradley said.

The city released its 228-page draft budget on Oct. 26. It proposed a property tax hike of 2.75 per cent, which was whittled down to 1.8 per cent during a series of discussions that ended Tuesday night.

Sarnia’s transit department will see its own increase, as the cost of a bus ride jumps to $2.25 from $2.00.

http://www.cbc.ca/canada/windsor/story/2009/12/02/sarnia-2010-property-tax-091202.html#ixzz0ig5iN9Pr

Property Tax Assessments to be Mailed Soon
Furnace Prices Winnipeg
www.crossfireconsulting.net

Tax Consequences of Student Loans For the last installment of the Student Loan Series, we're going to be talking about the tax consequences of student loans. Previously we covered whether college is worth the cost, the different types of student...
Solar Energy Giants A coming green-energy law and the promise of long-term incentives for producers of renewable power have put Ontario on the radar of some big-name solar companies looking for certainty in a volatile marketplace. This month...
Customizing a Budget It is a good idea for you to put together your own unique budget work sheet when it comes to getting started in setting up a budget for your household. Make sure that the categories...
Bank of Canada lowers economic outlook By Guy W. Close - The Bank of Canada now says it was wrong about how strongly the Canadian economy has been recovering and has changed its tune on raising...
Adjusting your withholding Each year around this time I start thinking about Christmas shopping and doing my tax return. Two things that could be fun, but because of the process involved, never is. Not sure there is much...

Glen Murray responds

Posted on February 12, 2010 by admin

Re: Budget Chief Eyes City Sales Tax, Nov. 5.

This article incorrectly states that I support the sales tax plan put forward by Toronto’s budget chief, Shelley Carroll, and it misrepresents my views on municipal taxation.

I was mayor of Winnipeg when we proposed a 1% sales tax as replacement revenue for a 50% cut in property taxes as part of a larger plan developed to modernize city finances and reduce the overall tax burden. That plan was developed over two years in partnership with business, labour and community organizations.

There is no plan or partnership in Toronto to reform city government; instead city hall seems to believe that every problem can be fixed by adding or increasing a tax.

When I proposed a sales tax as part of a new tax system, Winnipeg had already made very tough decisions including cutting the city debt in half, reducing property taxes, shrinking the city government and reducing the size of the bureaucracy. The opposite has been happening in Toronto.

I believe in building the tax base, not the tax burden.

Glen Murray, CEO, Canadian Urban Institute, Toronto.

http://www.financialpost.com/scripts/story.html?id=2191889

Buying Bank Owned, Short Sale or Foreclosed Property Sage advice from Bloomberg when buying a distressed sale -- bank owned (REO), short sale, foreclosure -- real estate. [video] As the video says, don't be afraid of bringing in some hired guns. At the...
Tax Loss Harvesting To Reduce Income Taxes Recently I posted about capital gains and losses and the tax implications. Understanding how the IRS views short-term and long-term capital gains and losses is important for minimizing taxes. To minimize taxes on investment income...
How Warren Buffett’s Tax Rate is Lower Than His Secretary's. America's favorite billionaire has been getting a lot of press of late with his calls on congress to raise taxes on the rich. Of course, that's the point of his PR stunt - generate positive...
Life's Little Money Mysteries Periodically I encounter a situation in my money and personal finance life that causes me to scratch my head and rhetorically ask how that can be. I guess you can call them life's little money...
Our Rough Draft Plans for a Tax Refund I just got my W-2 this week and I'm excited as I'm expecting a refund this year. My husband hasn't gotten his yet, so we're just playing the waiting game. I hope...

Toronto strike savings yield property tax break

Posted on November 17, 2009 by admin

The savings recouped from Toronto’s civic workers strike will likely be put towards property tax bills next year instead of being mailed out as rebates to city residents.

The city’s executive committee recommended Monday that the estimated $33.2 million saved in the summer work stoppage be applied to next year’s operating budget.

Some city councillors had pushed for an immediate rebate.

But the city has estimated the cost of issuing and administering rebate cheques at somewhere between $2 million and $3 million.

Mayor David Miller said Monday that reflecting those savings in property tax bills is “the fairest and most efficient way” to return the money to Torontonians.

The proposal is expected to save taxpayers around 2.8 per cent on their tax bills — about $36 million — next year.

But Miller wouldn’t say if property taxes will increase in 2010, or by how much. While there are no official figures out, the city is facing a significant budget shortfall next year.

Council will vote on the executive committee’s recommendation later this month.

The 39-day strike by about 30,000 municipal employees left most residents of Canada’s largest city with no residential garbage or recycling collection. City-run daycares and summer day camps were closed, along with swimming pools and most other city services.

http://www.cbc.ca/canada/toronto/story/2009/10/05/toronto-strike-tax-savings695.html

The savings recouped from Toronto’s civic workers strike will likely be put towards property tax bills next year instead of being mailed out as rebates to city residents.

The city’s executive committee recommended Monday that the estimated $33.2 million saved in the summer work stoppage be applied to next year’s operating budget.

Some city councillors had pushed for an immediate rebate.

But the city has estimated the cost of issuing and administering rebate cheques at somewhere between $2 million and $3 million.

Mayor David Miller said Monday that reflecting those savings in property tax bills is “the fairest and most efficient way” to return the money to Torontonians.

The proposal is expected to save taxpayers around 2.8 per cent on their tax bills — about $36 million — next year.

But Miller wouldn’t say if property taxes will increase in 2010, or by how much. While there are no official figures out, the city is facing a significant budget shortfall next year.

Council will vote on the executive committee’s recommendation later this month.

http://www.cbc.ca/canada/toronto/story/2009/10/05/toronto-strike-tax-savings695.html

Year End Tax Tips 2009 is almost over, and if you believe that the decade started in '00, then your decade is ending as well. It's time to consider the last minute things you can do to save on...
Where are Estate Taxes Going? The question I hear the most when I am teaching classes are, where do you think theÂ Estate Taxes are going?Â I always respond, they aren't disappearing. Period.Â Â The current administration (along with the last one)...
5 Reasons Budgets Fail. Budgets are a common personal finance tool, and they are also the source of much negative feeling. Most of this is likely because people often try to create a budget and follow it to the...
Golf Tournament Recap: US Tour Championship Phil Mickelson takes US Tour Championship Win, Tiger Woods Walks Away With $10 Million Dollars. Phil Mickelson managed to ge the best of Tiger Woods during the US Tour Championship, but he still saw the...
Small Business Tax Deductions This is a guest post by Priscilla Solomon, a finance blogger and debt adviser at OVLG. If you own a small business and want to cut down on taxes, there are several possibilities for tax...

Poll Tax Hikes

Posted on October 8, 2009 by admin

Several officials raised the possibility of a half-cent sales tax hike. If approved by voters, such an increase would bring the county’s sales tax rate to 8.75%, tying it with Alameda and Contra Costa counties’ as the highest in California.

Among those who said they may support the idea were Los Angeles Mayor Antonio Villaraigosa and a pair of county supervisors, Yvonne B. Burke and Zev Yaroslavsky.

“I’m a cynic by design,” said Yaroslavsky, current chairman of the five-member Board of Supervisors. “I’m skeptical you can get 66 2/3 ” — the percentage of favorable votes need to approve an increase — “during a recession. . . . Nevertheless, it’s a tool that has to be considered.”

A poll commissioned by the Metropolitan Transportation Authority showed that two-thirds of voters would support a new transportation tax. But the poll’s first question made no mention of a subway but did mention widening eight freeways in Los Angeles County.

Villaraigosa gave a passionate speech about the subway, saying it would have among the most riders of any line in the country. He also said the project would cost $7 billion but offered no firm detail on how to pay for it. MTA estimates have put the cost of the line at $5 billion.

In his speech and in an earlier interview, Villaraigosa said a sales tax hike was an option. But around City Hall, the thinking is that he won’t make a decision on pursuing a transit tax until after Feb. 5, when voters will be asked to authorize a telephone tax that the city needs to balance its budget.

www.crossfireconsulting.ne

Vancouver Auto Financing

Vancouver Auto Dealers

How to Appeal Your Property Taxes Property taxes are one of the principal means that cities and municipalities use to raise revenue. Property taxes are generally based on two things: the value of the property itself, and the local rate of...
Rare Books Many people who collect rare books have relationships with a number of booksellers who handle these types of books, and have lists of the books they'd like to own. The seller, when that book becomes...
The Problems with the Fair Tax Ah, the Fair Tax.Â It seems hard to argue with a Tax that has 'Fair' right in the name, doesn't it?Â It also isn't a half bad idea; taxing spending rather than income, greatly simplifying...
Week In Review: April 12th-18th **Sorry the 'Week In Review' post is a day late, I couldn't do it yesterday. Site News I just wanted to thank all of you that have been viewing The Conservative Journal; this past week...
TCJ Research California Senate Poll Analysis: Carly Fiorina Benefiting from Strong Party Support, Independent Voter Appeal To view other TCJ Research Polls released today, click HERE. To read our full analysis of how and why Republicans will take the Senate, click HERE. Our Election Center database is building, check it out HERE. Be...

2010 Property Tax Reassessment Notice: WHY? WHEN? HOW?

Posted on September 18, 2009 by admin

WHY?

Under provincial legislation, all properties across Manitoba are being reassessed regularly to make sure that taxes are fairly shared according to the assessed value of owned or leased properties. This is also done to ensure that the assessed values keep pace with real estate market conditions and help property owners understand and evaluate their own assessments.

WHEN?

The new assessment becomes effective in 2010, and will be used on your 2010 property tax statement. Assessment notices are being mailed in advance of the 2010 tax year. This action will benefit you as a property owner, as you will have more time to review your assessment and discuss it with an assessor. It is advantageous for the municipality too, as there will be more time to finalize assessments before the final roll is needed for tax purposes in 2010.

HOW?

Conveniently, you can get your assessment information online by visiting www.gov.mb.ca/assessment. Here, you’ll be informed about the assessment of all properties in Manitoba except in Winnipeg (Winnipeg assessments are available at www.winnipegassessment.com). You will also find answers to frequently asked questions.

Another way is to personally visit an assessor in a community near you. Assessors will hold Open Houses in many communities, offering you a convenient opportunity to discuss your assessment.

Bob Hope Stamp Many collectors looked forward to the debut of the Bob Hope stamp on May 29, 2009. Not only stamp collectors, but also fans of comedy in general and Bob Hope in particular anticipated the stamp's...
Finding Unclaimed and Abandoned Money and Property With years under our belts, baby boomers have had many opportunities to lose and forget about money and other property that belonged to them. This is officially called "unclaimed property" by federal and state government....
VacationRentals.com VacationRentals.com is the leading online source for finding vacation rental properties with discounted rates and last-minute deals. Featuring more than 35,000 vacation rentals ranging from Florida beach houses to European villas, VacationRentals.com connects travelers seeking...
Save Taxes: Negotiate A Reduction in Your Assessed Value This post was written by Marie. If you own real estate, you have been, or someday will be, confronted with a rise in your assessed property value. This usually leads to an increase in your...
What Do I Need to Bring to My CPA or Accountant Despite helping people in my life with their taxes I use an Accountant.Â There are a couple reasons why I use one: The Wife is Self Employed complicating our situation a bit I have self...

2010 Property Tax Update

Posted on September 16, 2009 by admin

The following are types of assessment notices, you may anticipate receiving one or two of the under mentioned:

•A real property notice for buildings and land
•A personal property notice for certain equipment or machinery
•A business notice, if you operate a commercial enterprise and your municipality imposes a business tax or fee

This updated assessment may affect your 2010 property taxes. I may suggest you to take a few minutes to scan and review this to supply you with recent information regarding land tax matters.

The Manitoba Government is reducing property taxes across the province. This is done by increasing the Education Property Tax Credit since 1999, to $650 in 2009, eliminating the Education Support Levy on residential property, saving residential taxpayers $100 million annually, and increasing the Farmland School Tax Rebate to 75% in 2009 from 33.3% in 2004.

Claiming Hope Scholarship Credit For Your Taxes /caption] With many students going to and returning to classes, I wanted to remind you that you want to claim your Hope Scholarship Credit come tax season. What is the Hope Scholarship Credit? The Hope Credit...
Consolidating assets into your Self Managed Super Fund (SMSF) There are obvious benefits to holding investment assets in superannuation rather than in your personal name. A few of these can include: lower rates of taxation on both earnings and capital gains tax; protection of...
Taxes Suck! (And so does Aurora Loan Services) I hate taxes. And I hate filing them For one I feel the government doesn't know how to properly utilize the money it gets. Unlike Australia, where the budget is in a state of constant...
Land Trusts Offer Great Tax Breaks According to the WSJ, Landowners Rush to Take Advantage of New Law That Boosts Deductions for Blocking Development.Here's how it works: A landowner typically donates a conservation easement to a land trust, a type of...
Credits, Deductions, Oh My! Summary of Recent Income Tax Changes I was doing research on the recent changes in income taxes for one of the planners at my office, and I came across one of the coolest sites summarizing the changes (that is if you...

Province caps rent increases at 1%

Posted on September 7, 2009 by admin

WINNIPEG – Renters will see a maximum one per cent rent hike next year, the province announced today.

That’s much lower than last year’s cap, which was 2.5 per cent.

The rent control guideline takes into account cost increases including utilities, property taxes and other expenses in running an apartment complex.

The cap applies to most residential rental property including apartments, single rooms, houses and duplexes.

http://www.winnipegfreepress.com/breakingnews/Province-sets-rent-control-cap-at-1-57362362.html

Why I'm Rooting Against The Stock Market First, let me clarify. I'm not rooting for it to drop like it did last year, I'm just hoping it doesn't increase like it did in the first half of this year. At least not...
Things to Consider Before Investing in Real Estate This post was written by Tony. Real estate is a great investment, because as Teddy Roosovelt once said “you should buy land; they’ve stopped making it.” It’s a great uber-long term investment. But like any...
The Money Genie Grants 3 Wishes Last week, Adam of Your Money Relationship posted "Money Genie: I Grant You 3 Financial Do-Overs" in which he offers the three things he'd do differently if he could go back in time. Never signing...
Should You Buy or Rent a Home for Retirement? Should you buy or rent a home? That is a question that a lot of baby boomers will be asking themselves when they are planning to retire. Even if you are in the home in...
Old Condo is Almost Rented As I've mentioned in the past, a surprise opportunity to relocate from Boston to Silicon Valley came across my doorstep. That left me with a decision to make about my condo. I had bought it...

Ontarians paid highest property tax in 1998

Posted on September 1, 2009 by admin

Ontarians paid the highest property tax in the country in 1998 while the Atlantic provinces paid the lowest on average, according to the most recent figures available from Statistics Canada.

The 1999 survey released Wednesday was based on 1998 figures. It shows that annual property tax averaged $2,230 in Ontario and $2,030 in Quebec. By contrast, homeowners in Newfoundland and Labrador paid an average of $640.

Canadian homeowners paid 2.9 per cent of family income in property taxes in 1998, one-seventh of the 21.3 per cent they paid in income tax. Continue reading →