Category: Tax & Finance Literacy
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The Psychology of Tax Season: Why Smart People Make Bad Decisions at Tax Time
Every year during tax season I see something fascinating. Some of the smartest people I know suddenly start making surprisingly questionable decisions about their own tax returns. Consider a familiar situation. A business owner who carefully reviews contracts all year long sits down to finish their tax return on April 29. The receipts are incomplete.…
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Side Hustle Income in Canada.
There is a persistent belief that if you make a bit of money on the side, it doesn’t really count. Selling a few things online. Consulting occasionally. Driving for a platform here and there. Renting out a property a few weekends a year. “It’s not really a business.” I’ve even had people ask: *How much do you have…
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Hiring a Tax Professional Doesn’t Transfer Responsibility
Hiring a tax professional is wise. Assuming it transfers responsibility is not. A Notice of Assessment is not approval—and your return is still yours.
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The Bare Trust Debacle
Canada’s expanded trust reporting rules were introduced with good intentions — transparency and accountability. But their application captured far more everyday arrangements than expected, leaving many Canadians confused and concerned. Here’s what happened, what changed, and why most people shouldn’t panic.
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Incorporation: Solution – or a New Problem?
Incorporation is often treated as a milestone for small business owners — but the tax and legal benefits are frequently overstated. This article examines when incorporation helps, when it doesn’t, and why structure alone rarely delivers protection.
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April 21, 2020 – The Economy
Today’s news – oil is trading at negative numbers. Not even sure how that happens. Reporter’s analogy – it’s like Starbucks made too much coffee and they are paying you to take it away. Sure. What this shows, is how fragile are the truths of Capitalism – the lies we have told ourselves. Basic premise…
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Simple Minds
I have been thinking about complex ideas and simple minds. Take economic theory. I don’t pretend to have anything approaching a clear understanding (there – I admitted it). And I suspect that there are only a handful of people in the world that really “get it”. So I am amused when a newscaster comments on…
BZMind 