Taxes

Annual Salary for First Nations Chiefs

Annual Salary for First Nations Chiefs

Under the First Nations Financial Transparency Act, which the Canadian government passed in year 2013, aboriginal bands (about 580 bands covered under this law) are required to post their chiefs’ earnings on the federal Aboriginal Affairs and Northern Development website by the end of November 2014. Only 56% of them have submitted their records...

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Annual Pensions for Members of Parliament

Annual Pensions for Members of Parliament

Former Bloc leader Gilles Duceppe, 63 $140,765 per year Former Toronto Liberal MP Joe Volpe, 63 $120, 392 per year Former Liberal MP Ujjal Dosanjh $40,197 per year from federal government $35,000 per year from BC government Former Liberal leader Michael Ignatieff $ ??? per year Those pensions for retired/defeated MPs are NOT small...

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How Much Do Members of Parliament Earn Annually?

How Much Do Members of Parliament Earn Annually?

How Much Do MP’s Earn Annually? As of year 2011: $157,731 for Member of the House of Commons * Members who occupy certain offices and positions are entitled to additional remuneration in accordance with the Parliament of Canada Act. ** This amount of “basic” salary already places MPs in the high income group in...

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How Much Tax Does A Typical Family Pay?

How Much Tax Does A Typical Family Pay?

A recent report indicates Canadian families are now pyaing more in taxes than for food, clothing and shelter combined!!! In 2010, a family with an average income of $72,400 spent about 41% of its income on taxes ($29,913), while spending 34% on the necessities of life. Taxes include those paid to municipal, provincial and...

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Average Annual After-Tax Household Income

Average Annual After-Tax Household Income

How much does an average Canadian make after the income tax is deducted? See the summary table below for Canadian After-Tax Household Income. It appears that families with kids tend to have higher after-tax incomes, mostly likely attributed to additional benefits and tax credits available from children; eg, tax credit for dependants (lines 305...

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Tax Saving Tips for Business, Professional Corporation

Tax Saving Tips for Business, Professional Corporation

Income taxes are the biggest expense for most Canadian. If you have your own business or professional corporation, your company can help generate tax savings to accelerate your mortgage repayment or boost your retirement savings. Use Capital Gains Instead of Dividends If you are planning large cash withdrawals from your company, consider taking the...

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Tax Free Shopping Days?

Tax Free Shopping Days?

Our fellow neighbour enjoy tax-free shopping days. Some states are waiving local sales tax on school items like computers and clothing, as indicated on Yahoo! Shopping. How come we don’t have any tax-free day in Canada? 🙁 Back To School Shopping The following states allows tax free shopping on school supplies, computers, and clothing:...

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Average Monthly Household Grocery Bill

Average Monthly Household Grocery Bill

About three months ago, I posted an article on Average Monthly Grocery Bill. I was hoping people would comment on that article, sharing how much they spend on grocery with me and the readers. Sadly, people in Canada don’t like to share their thoughts, I suppose. 🙁 I know a lot of people come...

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Home Buyers’ Plan (HBP) – how to maximize this plan

Home Buyers’ Plan (HBP) – how to maximize this plan

Before we begin this topic, we will briefly discuss how HBP works. Then we will talk about how to maximize this tax-saving strategy toward the end of this article. Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw RRSP to purchase or build a home without having to pay tax on the withdrawal. RRSP...

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Feature Story

How Much Do First Nations Chiefs Make Annually across Canada?

Chief Ron Giesbrecht in BC took home almost $1,000,000 INCOME TAX FREE! His band has a population of only 82!!! Chief Jim Boucher in Alberta claimed an annual salary of...

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Top Financial Stories

How Much Do Tim Hortons Owners Earn Annually?

Tim Hortons store owner pockets each year: $265,558 and more (after tax & interest)!!! In year 2002 for an average Tim Horton's outlet: Gross earning: $1.5Million...

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