The Real Cost of Buying an Expensive Car in BC: PST, Luxury Tax and GST
In British Columbia the sticker price on an expensive car is not the price. Three separate taxes stack on top of it, in an order that is not obvious, and the total climbs faster than the price does. A $130,000 vehicle costs $163,275 to drive away. The short answerBC...
Are Lottery Winnings Taxable in Canada? No, and Here Is What Is
Lottery winnings are not taxable in Canada. Any amount, no report on your return, no tax on the win. The tax question starts the day after, when the money is sitting somewhere earning something. The short answerLottery winnings of any amount are not taxable.You do not...Spousal RRSPs and the Three-Year Rule Most People Find Out About Too Late
A spousal RRSP is one you contribute to and your spouse owns. You take the deduction, they own the money, and in retirement the income is taxed in their hands instead of yours. Withdraw too soon after a contribution and that last part reverses. The short answerYou...