Jane E Adams, CPA

I highly recommend the no spend challenge. It helps raise your awareness and understanding of spending habits. This then allows you to focus and refine your plans for reaching financial goals.

What are your financial goals this year? Debt management and improving your personal net worth is an important step towards financial independence. Setting a simple goal of charting your total assets and total debt at the end of each month can help identify progress. https://www.bloomberg.com//canadian-households-focus-on-re

Interesting case analysis on the duty of honesty in a contractual relationship. One would think that goes unsaid but this situation clearly demonstrates the importance of integrity. Merely sticking to the letter of the contract may not be enough. Don't take the risk of 'passing the buck' or creating a false perception. It can have a significant financial cost to you personally or the organization. https://www.mondaq.com//the-duty-of-honesty-in-commercial-

What are your New Years resolutions? Have you set financial goals this year? Do you know how to look at your financial picture or does it scare you? Do you know what small actions you can take to make a difference? It’s not about giving up the daily coffee out or your Netflix subscription. It’s developing an awareness of your financial spending and savings patterns. Start small by keeping a daily journal of recording every penny you spend. Pay attention to the details on your grocery bill. Do you shop hungry or with purpose? After a few weeks you’ll discover your patterns that impact your financial goals.

A friendly reminder to record your odometer readings from December 31 if you’re claiming vehicle expenses on your tax return.A friendly reminder to record your odometer readings from December 31 if you’re claiming vehicle expenses on your tax return.

A recent Tax Court of Canada case demonstrates how important it is to pay attention to parties named as purchaser and vendor when relying on GST/HST New Housing rebates. In BAHA Property Investment Group Inc. v. The Queen, two parties are named in the offer to purchase document, the spouses of these parties are later shown on the purchase/sale agreement and at some point the ownership is transferred to a third entity (Baha Property) which enters into a lease agreement as lan...dlord of the property. The judge notes in his decision that while the purchased property was put in Baha's name as owner and ultimate mortgagor, it was never legally responsible for payment of the purchase price as per the original purchase/sale agreement. Unfortunately, the party who made application for the GST/HST New Housing rebate was Baha and nothing in the law allowed for Baha to make that claim. Any claim should have been made by the named parties in the original agreement or the original agreement should have been amended to show Baha as the new legal recipient of the real property purchase. This failure to pay attention to detail cost the parties over $27,000 in lost rebates plus appeal costs. When making investment decisions in real property, take the time to speak to your professional advisor. The GST/HST requirements are very strict and you can easily fall offside for rebate entitlement or reporting obligations.

Al Jazeera’s Investigative Unit reported a leak of documents revealing that almost 2,500 people paid to become Cypriot citizens between 2017 and 2019. Applicants from more than 70 nations, each made a minimum 2-million-euro (approximately $3.1m CDN) investment to qualify. This is referred to as a golden passport scheme and demonstrates how citizenship of a small country can become a commodity for the global super-rich. Of the 2,351 applications made up to September 2019, about 40% were Russian and 21% were Chinese. Citizenship and residency play a key role in how bank accounts and taxes are reported. Until all countries follow the same fiscal policies and reporting requirements, we will continue to see games played with tax compliance.

The reality is, regardless of how you Tax the wealthy, the uber rich have many options for transferring ownership of their assets to a holding company in a country where taxes are either nil or very low rates. We need to find better ways to efficiently tax individuals while also providing economic stimulus.

With so much increase in phishing and scams out there, it is good to get some practical advice on protecting your identity and avoiding fraudulent schemes.

Despite Canada‘s challenges, it is encouraging to see it isn’t on this top 10 list