Family Finance Canada + Fun & Thoughts!

Use Direct Deposit for Canadian Federal Government Payments

2014-12-11T11:48:00.001-05:00

Direct Deposit or Cheque

Our family is a one car family. My husband works Monday - Friday 9-5, and I work shift work, typically evenings and weekends. With one vehicle, this can make running errands difficult!

Thankfully, going to the bank is one of those things that we don't have to do very often, thanks to a combination of direct deposit and e-transfers of money.

Most of my clients from my self-employment work now pay me either using cash or e-transfer. Many don't even own cheques. They are becoming obsolete. I still use them, but more rarely than I did in the past.

Government Cheques

Growing up, "baby bonus", now known as Child Tax Benefit, would be received by cheque monthly through the mail. As a teen, my mother would occasionally sign the cheque over to me to deposit. I'm pretty sure I had a debit card before she did, and I was able to deposit the cheques into my account after regular banking hours using the new-back-then "bank machines", that we all now are very well accustomed to using.

Most people get paid by their employer by direct deposit, The federal government is in the process of changing over payments to direct deposit as well. Tax refunds, Child Tax Benefit, Universal Child Care Credit, Employment Insurance, Canada Pension and more. Make sure to sign up soon, to not miss any payments.

It currently costs the government 83 cents for every payment they make by cheque, and only 11 cents for every payment made by direct deposit. The government estimates that the switch to direct deposit by Canadians who have not done so yet will save taxpayers $17 million each year.

How do I sign up for direct deposit?

1) If you have someone do your taxes each year, they can set you up for direct deposit if you ask them to. Just provide them with a voided cheque.

2) Online If you are registered for Canada Revenue Agency's My Account, you can sign up for direct deposit now. If you aren't registered, look into it. It can be a useful tool!

3) By mail. Fill out the Direct Deposit Enrollment Form and mail it in.

4) By phone. To sign up for direct deposit, or change your banking information, call 1-800-959-8281

Niagara Food & Wine Expo 2014

2014-05-09T13:38:00.000-04:00

The Niagara Food & Wine Expo was happening at the Niagara Convention Centre on the same weekend that I was down in Niagara on a girls weekend!

We went just after opening on Saturday, and stayed for 4 hours! From noon until 4pm. None of us needed supper afterwards!

If you are looking for a fun afternoon or evening with some friends, this would be something to look into for next year.

Admission at the door was $15, but I scored us some tickets at $10 by using a discount code and buying them weeks ahead of time.

We each bought $20 of tickets to use within the show, so it cost us each a total of $30.

I think our favorite part of our time spent there was attending a wine tasting by Hernder Estate Winery. The winemaker Lydia Tomek herself gave the presentation, and we tried 6 different wines. The fact that she was a young, hip, woman was very cool in and of itself! It cost 4 coupons ($4) each to attend this tasting.

Wine tasting from Hernder Estate Winery at the Niagara Food & Wine Expo

My favorite was the one on the far left, which was a Sparkling Riesling.

Both friends agreed they loved the next one in, which was a Riesling.

I stopped by their booth after, and the Sparkling Riesling is the one in the opaque green bottle in the next picture.

Hernder Estate Winery Selections at the Niagara Food & Wine Expo

We also attended an "All You Need is Cheese" cheese tasting put on by Dairy Farmers of Ontario.

There were two cheeses that were amazing. The first was a very smooth ricotta, that was served with a dollop of honey.

The second was a Maple Cheddar, that was so delicious that I had to buy a block to take home!

I had some delicious food too! I had a lobster grilled cheese, (YUM!) and I experimented by trying something new. Asian Fusion Rice Balls, by Me.N.U. Food Truck (who had a booth there, and not a truck.) and they were so delicious I ate them and forgot to take a picture! Both of my friends went to buy some, and the other four people that we didn't know at the table we had sat down at all thought my rice balls looked so good, that they all went to buy some as well. Everybody loved them!

We sat at a table to eat while listening to music by Cory Cruise, and followed by Blair Franklin, who were both fabulous musicians!

A fun afternoon!

Beginners Yoga Adventures

2014-04-30T12:25:00.001-04:00

I recently started taking a weekly beginners yoga class at the local YMCA. I'm enjoying it more than I thought I would. I've never taken yoga before, and I wasn't quite sure what I was signing up for!

The movements are all done very slowly in this class, and you hold them for a seemingly long time. It's probably not that long, but my muscles are weak and unused, and it feels like forever holding some of these positions!

The teacher said that she would be concentrating on different parts of the body each week, in order to give us a good balanced introduction. She was right! Every Wednesday, after my Tuesday night class, I am SORE! The first week my back cracked, cracked, cracked during the session. Last week, my legs were wobbly when I left class. And today, my hips and upper arms are feeling it.

The first week of class had 6 women, but three of them seemingly disappeared after the first week. I can't actually fathom paying for three months of classes and then not attending. What a waste of money! Since the first class, one of the women has also had her father and brother sign up. There is an intermediate yoga class offered as well, but I'm pretty sure based on the soreness factor that I may need to do the beginner class another session before contemplating going up in levels.

I did notice a tattoo on one of the class members the other night. I knew I recognized the symbol, but wasn't quite sure from what. I was intrigued enough that I did a google images search for "symbol with red M", and immediately the symbol popped up...it's the Ironman symbol. I see a Red "M" with a dot on top, but I think you are supposed to see a person's head and torso. And yes, I was familiar with it because I visited Mont Tremblant a couple years ago a few days before their Ironman competition, and the signs with this symbol were everywhere there!

Ironman Logo - Even Athletes Take Beginners Yoga!

So, I guess beginners yoga is for a wide variety of people, from unathletic people like myself, to past Ironman competitors!

The Search for A Summer Camp to Match Your Child

2014-04-10T20:45:00.000-04:00

Oh, summer camp. I loved summer camp as a kid! Every summer from the age of 8 or so, I would head of to an overnight camp for a week or two, and then my grandparents would pick me up for two weeks before my parents should pick me back up.

I loved overnight camp so much that I even went back and counselled for a few weeks after my summer job ended one year. And on a side note, counselling at camp is hard hard work! It's exhausting!

My brother on the other hand, hated summer camp. He tried day camp a few times, and I'm not sure that he ever finished the week out. It just really wasn't for him. Fortunately for him, our mom was a stay at home mom, and he was able to live out his summers in peace, playing with kids in the neighborhood.

Fast forward 25 years. Times have changed. Most families are dual income, and don't have the luxury of a parent staying at home. Which means that kids can't stay home on their own until responsible enough. And even if they did stay home, there aren't other neighbourhood kids for them to play with, because they are either away at camp or on holidays. Even for families that have a parent at home, sending the kids to camp for a week is a nice and well deserved break!

Once my daughter became school aged, summer vacation became a mishmash of childcare, piecing together days that worked. Vacation days for parents, grandparents stepping in, and... Summer camp.

Over the years, we have tried many different types of daycamp within our city. Art camp, karate camp, YMCA day camp, soccer camp, camp at the local university... Some were great, others not. Many of these are not full day, and so you still need to figure out drop off and pick up. The art camp ended at 3:30. Luckily for me, I finished work at 3 at the time, but many people work later! The YMCA had a program that I could schedule days of camp instead of by the week, which worked really well for my bizarre work schedule.

Here I am again, at the beginning of April, finalizing summer camp plans. Although our daughter is old enough to stay home on her own, and has even just begun babysitting, I don't want her home alone all summer. Last year, we did two weeks of sleepaway camp, two weeks of day camp, and four weeks at home. During the weeks at home I tried to adjust my schedule so I was home more.

The day camp she went to last year is one she has been attending for 5 years, but she doesn't want to go back this year as she feels too old for it. She's one year too young for the LIT leaders in training program at the YMCA. And so I'm back on the hunt again for daycamps that fit her personality, fit out schedule, are affordable, and that we can get to on public transit for the days my husband is called out of town with our one family vehicle. Sigh.

Here are my tips for finding a good day camp!

1) Ask friends, family, neighbors and acquaintances about camps!

We recently found out about a basketball camp through friends that our daughter plays basketball with! Unfortunately she is already booked that week for overnight camp, but I have written it down as a possibility for next year!

2) Check your local paper for camp advertisements.

It was from a paper ad that we find out about the art camp.

3) Check your local sports complexes, and the city/township.

Most YMCAs have programming, and often cities hire camp counselors to run programs as well.

4) Check your colleges and universities.

By looking into daycamps offered by our local educational institutions, I found a computer programming daycamp that I've registered our daughter into this summer.

5) Have your child go with a friend.

I'm still on the lookout for one more week of camp this summer, but I've let some of her friends and their parents know this. I'm hoping that a camp comes along that might be a little bit out of her comfort zone that she'd be willing to attend if a friend went along with her. By going with a friend, you can arrange carpooling too!

Take Transit & Get a Deduction on Your Income Taxes

2014-02-02T22:01:00.000-05:00

This past summer, I increased my 11 year old daughters independence. She attended a local daycamp at which my husband dropped her off in the morning, but then I had her independently take the city bus home from camp. I got home from work around the same time that she got home from camp on the city bus. She has taken the bus with me many times, and knows how the bus system works and knew the bus route ahead of time. No transfers, just a direct route.

She LOVED it. She loved having the independence of doing it on her own.

In order to do this without having to find the correct amount of change every morning, I bought her a monthly bus pass for the month of July. I had hoped that I would have time to teach her how to get to the library as well, but unfortunately I didn't have have a chance to teach her this route.

As a result of buying the bus pass, I can now claim that expense as a deduction on my taxes this year.

Does anyone in your household take the bus, train or ferry to work or school on a regular basis?

You can claim a deduction on your income tax for Public Transit Amount (line 364 on your income tax return) if you have any of :

1) a monthly pass
2) a series of shorter passes that show that you took public transportation for at least 20 days in any 28 day period
3) an electronic payment card (like Presto) used for at least 32 one way trips in any 31 day period

The passes can be for yourself, spouse or kids under 19 years of age.

Does your teen buy passes to get to their part time job? Do you take the GO Train to work? Remember to keep your receipts to claim this fabulous deduction!

2013 Contest Winnings Totals

2013-12-13T17:15:00.000-05:00

As a follow up to my post in July on my 2013 Contest Winnings at that point, I thought I should post the winnings for the rest of the year.

In July, I had won a total of $940 worth of prizes.

2013 Winnings (2nd Half of Year)

Google Nexus 7 Tablet x 2 (both my husband & I won one) Kitkat Contest Value $450
Google Play Codes from Kitkat Contest Value $30
$100 VISA Giftcard from Royal Bank Small Biz Twitter chat Value $100
$100 Giftcard to Glamagirls from Tweenhood Value $100
2 Books Muse & Secret Shared from @BookaliciousCA Value $30
$10 iTunes Giftcard from @PTPA Value $10

2nd Half of Year Total: $710

Total for 2013: $1650

Crowdfunding: Canadian tax implications

2013-10-13T11:34:00.002-04:00

Crowdfunding has become extremely popular over the last number of years. Let the public know what you want to do, and if they believe in your project, they will contribute amounts that although small from one person, overall add up to significant amounts of money.

Crowdfunding has allowed many individuals and small companies to raise capital money for projects that they were unable to get loans or other financing deals for.

Unfortunately, the overall perception of crowdfunding money has been that it is "free" money to simply put towards the outlined project.

Canada Revenue Agency put out an interpretation bulletin this week stating that money that comes from crowdfunding is considered income, and therefore is taxable.

If crowdfunding is in your future, keep this in mind, and consult your local tax preparer or accountant to look at how this will financially affect your future project.

Financial Costs of Orthodontic Braces for Pre-Teen

2013-10-07T21:32:00.003-04:00

Our daughter has very crowded teeth. We've known she would need braces since her adult teeth started coming in at around age 4. They didn't push out the baby teeth. Instead, the grown teeth came in *Behind* the baby teeth. She had two rows of teeth at the bottom as a result. I think they call this "dragon teeth". At the same time, her upper two baby teeth fell out, and it took a full year for the adult teeth there to grow in. She liked pretending to be a vampire during this time period!

She is self conscious about her teeth. She wants them "fixed". She has a couple teeth that are still completely in behind the others.

My dentist offered to do them, but to be honest, I'm not comfortable with a dentist doing orthodontic work. I'd rather go to someone who does them full time. An actual orthodontist. It seems there are only two in our town, so I asked for advice from friends and about 80% recommended one and 20% recommended the other.

Although I have good medical benefits through my employer, it does not include orthodontic treatment at all. Knowing braces would be in the thousands of dollars, I also knew that I wouldn't be able to afford them for the next couple of years. My father has offered to pay for at least part of them though, so I booked a consult with the orthodontist that came highly recommended.

The consult was very reasonably priced, at $50.00, which included any needed x-rays. We learned that not only are her teeth crowded, but that they don't align properly at all in the molars, and that she has an overbite. Apparently we will start noticing the overbite more once the teeth start straightening. She will need braces, and springs to go on the braces as well to correct all of this.

So...are you ready for the price?

$5800.00

(plus the $50.00 paid for the consult)

Payable as $300.00 for initial moldings, a $1500.00 downpayment, and then $200 per month for 20 months.

I'm thankful for proud grandfathers (my dad) who are willing to give generous gifts to their grandchildren to help pay for this!

Are orthodontic braces in the future for you or your teen? How are the prices in your city?

Greyhound Facility Fee Adds $5.00 To RoundTrip Ticket

2013-07-18T11:41:00.000-04:00

I've done a lot of travelling this week! To Toronto twice, and Ottawa for a day as well. For one of my Toronto trips, I took the Greyhound bus in. It's a nice direct trip with only one quick stop in Scarborough along the way, which makes for a nice time to relax and nap. They also have plugin outlets at every seat, along with free wifi, which means you don't have to worry about your devices losing charge during the trip, AND you have access to data to browse the web.

I typically take Greyhound into Toronto a couple times a year. What has changed since my last trip is a new fee that I was not aware of. On a round trip ticket that is $26 before taxes, an extra $5.00 "facility fee" was added. That's a 19% increase before taxes for a facility fee.

When I looked up info on their website it says:

Note: A Facility Fee of $2.50 for one way and $5 for round trips will be charged in addition to the cost of the ticket or tickets purchased. Facility Fee are taxable fees. This facility fee will be used to provide ongoing maintenance, service and operation of the bus terminal building.

Really Greyhound? Honestly, for short trips, this is a huge increase of fees/fares. Why not just increase your fees by 3% of 4% over all your services (short trips, long trips, and courier services) and build this facility fee into your pricing?

For my next trip, instead of automatically taking Greyhound, I will be investigating the cost of GO transit as well. From here it means a combination of a bus and train trip, but the pricing may be better.

Giving Gift Cards To Kids ATTENDING Birthday Parties??

2013-07-08T17:14:00.000-04:00

Last week, I was at our local Chapters, and saw a friend and their 3 children shopping in the kids book section. I was there with my daughter to pick out a book as a present for a birthday party she was going to be attending. One of the three children had a gift card. I asked her politely who had given her the card...I had been thinking maybe it was a small gift from a relative.

"Oh, it's from a birthday party," she replied.

"From your birthday party?" I asked.

"No, from someone else's birthday party."

At this point I looked quizzically at the father, who said she had been given the card as part of the loot bag upon leaving a party recently.

This was not the first parent I'd heard this from recently. I've been told that it's becoming the norm to give out $5 gift cards to each child who attends a birthday party either instead of a lootbag or as part of it.

LOOTBAGS

I'm not a fan of lootbags. I'm especially not a fan of giving out a giftcard! Holy moly! Let's talk about teaching consumerism at a young age. Do you know who the giftcard benefits the most? The store where it's from!! They get advertising. They get kids, parents, and siblings into the store. And of course, $5.00 doesn't go very far, so typically you will end up needing to spend more than the gift card in order to get something.

WHAT TO DO INSTEAD?

Although I don't agree with "lootbags", I do like the idea of having something from an activity. Decorate or tie dye some t-shirts. Make and decorate a crown or wand. Teach them how to play jacks and provide them a kit each. My daughter just brought home a pot with some small cactus that she planted in it that they put together at a party.

Check out this article for some other ideas on non-loot bag ideas!

My 2013 Winnings So Far This Year

2013-07-05T10:56:00.000-04:00

As promised from yesterday, I said I would put together a list of the items I have won so far this year. My yearly totals the last 3 years have been approximately $3000, $2000, and $1000 in value of items won.

What Have I Won?

Two NFL footballs from @SamsungCanada on Twitter $50 value
$25 gift card to Chapters on Twitter from @ThomasCookca
Book "The Spark" on Twitter from @BookaliciousCA $15 value
Book "S.E.C.R.E.T." on Twitter from @BookaliciousCA $15 value
Bottle of Canada Dry from Canada Dry Surprizes Contest $2 value
Box of Minute Rice from Minute Rice Take a Minute Contest $8 value
Box of Post Cereal from Post Flip the Flap Contest $5 value
$300 Gift Card from Gelaskins from a Twitter chat
$200 Voucher for UPS Store from Twitter Chat from @UPS_Canada
Weekend stay at Ottawa Marriott from contest on their Facebook Page value $320

What's The Total So Far??

So, for the first half of 2013, my total winnings so far total $940.00!!

Looks like I'm on my way to beating last years total of $1000. Have you ever won anything? What was it?

Are Contest Wins Taxable In Canada?

2013-07-04T11:15:00.000-04:00

Are Contest Wins Taxable in Canada?

In Canada, anything you win through a contest is NOT taxable! You do not have to claim it as income on your income tax. However, if you earn money, and invest it, the interest you earn on the principal are taxable, unless you invest in a Tax Free Savings Account (TFSA).

Increase Your Income Through Contests!

You probably won't win straight up cash (but you might!), but you can win gift cards, products and experiences! These "extras" are a great way to increase your income, especially if the prize is for something you would have already spent money on! You can then allocate that money to somewhere else in your budget.

You can also win for things that are above and beyond what your normal spending habits would entail. For example, I have won tickets to concerts (eg one of favorite Canadian jazz bands Manteca) and sporting events (eg FIFA U19 when it was in Toronto) that I love to attend, but can't justify spending money on regularly.

But...I Never Win Anything.

So many people don't enter contests because they assume that they won't win anything. But you CAN'T win anything if you don't enter! So enter! Enter contests for that have prizes of things that you would use or would like. (Or that you know someone who would use the prize!) Don't enter for things that you don't want. Leave those contests to be entered by those who will actually appreciate the prize if they win!

What Have You Won? What Would You Like to Win?

What have you won? I want to know! Tomorrow I will share with you a list of things that I have won in the last six months.

Financial Goals for the New Year for Income

2012-12-06T12:25:00.002-05:00

Do you have any financial goals for the new year?

One of mine has to do with where my income is coming from.

An approximation of my income from 2012 is:

79% from primary job.
12% from secondary job.
5% from self-employment.
4% from EI (I was on maternity leave for the month of January)

This is gross income from jobs, not including benefits and gross EI payments. Self employment is income after expenses (but not including cell phone, and before out of home expenses)...otherwise it would currently be registering at 0% because my cell phone and out of home expense deductions would wipe it all down to 0 taxable income!

I'd like to be able to have that first amount of income from primary job drop to about 70%. My hope is that I can increase the self-employment amount from 5% of my income to about 15%. Self-employment including cell phone expenses would be even better!

Tax Withheld on RRSP Withdrawals

2012-12-02T20:33:00.001-05:00

If you are in Canada, and are at a point where you need or want to withdraw money from your RRSP, please ensure that you are familiar with the rules of withdrawing it.

I've had a few income tax clients over the last couple of years who have been surprised to owe money on their income tax. The primary reason these particular clients owed money was because they withdrew money from their RRSP's but the bank/financial institution did not withhold enough tax on the withdrawal for their financial situation.

Minimum Tax Withheld on Withdrawals

The minimum tax that is withheld is dictated by Canada Revenue Agency.
If you take $5000 or less out, they withhold 10% in taxes.
If you take between $5000.01 and $15000 out, they withhold 20% in taxes.
If you take more than $15000 out, they withhold 30% in taxes.

(Note: These are the numbers for all of Canada, except Quebec, which withholds slightly more.)

Add to Income

The amount that is withdrawn gets added to your income tax as income. If you have other income from other sources (employment, investments, etc.), it is quite possible you are will need to have more money withheld for taxes! Or, alternatively, ensure that you are saving the money that you will owe on taxes in something that is earning you a bit of interest in the meantime.

Be Aware. Know Your Circumstances.

As long as you are aware of your circumstances, there will be no problem! You will make sure that either the bank or yourself withholds enough taxes so that you are not surprised come income tax filing time.

The problem is if you are not aware, and all of a sudden you realize that you owe a bunch of money as a result of withdrawing money from your RRSP's and you weren't aware that this would happen.

No one likes finding out that they owe money to the government.

Have you been surprised to owe money when filing your taxes?

Have You Made the Most of Your Benefit Plan?

2012-10-22T10:22:00.000-04:00

Have you thought about your benefit plan at work recently? Most benefit plans run on a calendar year, which means the benefits you can use in one year end on December 31. Even though we are only at the end of October, the end of the year will come quickly!

I am extremely fortunate to work for an agency that still provides health benefits to their permanent employees who work more than 24 hours/week. Ideally, I would love to work 16 or 20, but I work 25 hours a week with this employer in order to maintain access to the benefit plan.

I realize that not everyone has access to a benefit plan, but if you do, you should make sure you are using it!

By using your benefits, you could be using services like:

Accupuncture
Chiropractor
Dentist
Glasses or Contacts
Massage
Naturopathy
Nutritionist
Optical Services
Orthodontist
Orthotics
Personal Counselling
Prescription Drugs

If you pay into your benefit plan from your earnings, make sure to claim this amount as a medical expense on your income taxes. Sometimes the amount is listed on your T4 slip, and sometimes it is on your last paystub for the year. Also, for any services that are not 100% covered, the portion that you pay that is not covered can also be considered a medical expense.

I've already booked monthly massages for November and December in order to make use of my benefit plan. Take a look into the details of yours, and make sure you are using them!

Activia/DanActive Danone Class Action Lawsuit in Canada - Are You Eligible?

2012-09-27T14:12:00.003-04:00

As you may have read, earlier this week I received a cheque as a result of the Mattel class action lawsuit.

On the same day, Monday September 24th, the Toronto Star had a large ad in it stating that there is a class action lawsuit against Danone regarding health claims in advertising for Activia Yogourt and DanActive probiotic drinks. They had an article about it in the Toronto Star on Tuesday. You can read it here.

Numerous Canadians are eligible to be part of the settlement of the this lawsuit and will receive between $15 and $50. However, in order to qualify, you must have purchased the products, and must submit a claim.

It all comes down to this:

The advertising stated that the products could aid digestion and/or help colds.

A class action lawsuit for the same issue has already been won in the US for the same issues.

The settlement should be finalized in court on November 6, 2012. People will have up to three months after that date to claim, and the cheques are supposed to be sent out to claimants within 60 days after that. You are looking at a payment date of up to 5 months after November 6, 2012.

If you have receipts of products purchased between April 1, 2009 and November 6, 2012, in the amount of $15-$50, you will receive your money back.

If you have receipts of purchase of products in the same timeframe of less than $15, you will receive $15.

If you don't have receipts, but will sign an affidavit that you purchased the products, you will receive $15.

If you qualify and are interested in being a part of the settlement of this claim, remember to send in your claim form.

Here is a link to the form that you need to send in, either by mail, or electronically.

http://www.collectiva.ca/en/dossiers/documents/Claimform.pdf
http://www.collectiva.ca/en/dossiers/documents/Claim_Form_Dynamic.pdf

I personally have never bought these products, nor do I intend to over the remaining claim period, but thought many of my readers would be interested in this info.

Mattel Canadian Class Actions Settlement Received

2012-09-24T13:03:00.002-04:00

When my daughter was younger she loved Polly Pockets. She's almost 11 now, so she's outgrown this stage. Sad, but true! As a result of her loving them, and being great playtoys we had many in the house. There was a recall on a number of the sets back in 2006/2007 due to tiny magnets coming out of the toys.

I put together all the pieces from each set that was recalled (not an easy task if you know how small they are!) and ended up returning them, postage paid, and received a credit voucher to be used towards other Mattel products in the value of $53.00.

A year ago, I received both an email and regular mail about a class action lawsuit that was happening regarding this recall against Mattel/Fisher Price. Since my name was in the database from returning the toys, I was already a part of the lawsuit. (Who knew?)

I wrote about this last August, in a blogpost on my personal blog.

I'd pretty much forgotten about all of this, but today, 6 years after the initial recall, and one year after hearing about the class action lawsuit, I received a cheque for $26.50, which is 1/2 the value of the original credit.

Virtual Visa Debit from RBC

2012-09-22T20:02:00.003-04:00

A month ago I received a new Virtual Visa Debit card in the mail from RBC. I did not apply for it. It just...arrived.

The card is meant to be used as a "new way to pay for online, telephone and mail order purchases. Payments are debited directl from your RBC Royal Bank personal deposit account."

I put it aside, trying to figure out why it would have been sent to me. You see, I have absolutely no reason or incentive to use this card!

Yes, I absolutely make online purchases. However, I already have a credit card that I'm comfortable using for online purchases. I even get points on this credit card to redeem for stuff later.

Not everyone has a credit card. I think this Virtual Visa Debit card is perfect for those who don't.

For those who have chosen to not be tempted into debt and have stayed away from having a credit card.
For those who don't have a good enough credit rating to get a credit card.
For those who are under 18 and are not old enough to have a credit card.

There are times when not having a credit card can be a real pain for those who don't. Hotel and vacation booking is one, since you wouldn't be able to use any of the online booking companies (Hotwire, Priceline, Booking.com, Hotels.com etc), or even be able to book directly through a hotel website.

This new card fills a gap in the market for those looking to be able to buy online and don't want to bother their friends or family members to give them cash in order to have them purchase the desired item online.

I won't be using this card myself, and will not be activating it, but I do see value in the card for others.

Can you think of any other groups of people this card would be good for? Would you be interested in using it?

Canada Learning Bond - Are Your Children Eligible?

2012-09-14T15:47:00.001-04:00

I wrote about The Canada Learning Bond once before, back in 2008. It was pretty new back then, having started in 2006. In 2006, only 4.7% of those eligible applied for this FREE money for their children's RESP. By 2008, it had increased slightly, to 16.3%, and by 2011 had increased to 24.4%.

You can see the totals of the participation rates broken down by province here.

At less than 25% of those eligible participating in the program, the program is still highly unknown.

I think post secondary education is important, so as a tax preparer, this year I am going to try to emphasize this program to my clients who are eligible for it.

Directly from the HRSDC website, the Canada Learning Bond is:

Introduced in 2005, the Canada Learning Bond (CLB) targets low-income families and provides them with a financial incentive to save. Upon applying, the CLB is given to all children who have an RESP account and are eligible to receive the National Child Benefit Supplement (NCBS) in addition to the Canada Child Tax Benefit, commonly known as “family allowance.” The CLB does not require any contributions from parents and is deposited directly into the child’s RESP. Specifically, the Government of Canada provides an initial CLB of $500 to children born after December 31, 2003 plus an additional $100 per year until age 15 and up to a maximum of $2,000.

So...if you receive the National Child Benefit Supplement, your children are eligible for this! Head to your local bank and ask to open an RESP for your children and have them apply for the Canada Learning Bond for you. The first year you do so, each child will receive $500, and each year after that you still qualify they will receive another $100.

Tell me: Have you done this already? Are you planning to? How can you go wrong!?

New Baby? Make Sure Your Income Taxes Are Done!

2012-09-04T16:09:00.000-04:00

Are you expecting a cute new baby in your life or have a newborn? Are your income taxes all complete and submitted?

You might be wondering what the connection between these two questions is!

The Canada Child Tax Benefit (CCTB) is a payment from the Federal Government to help families with the costs of raising children. The majority of Canadians are eligible for this program, but you MUST FILE YOUR TAX RETURN TO RECEIVE THEM!

Separate sub-programs that are also included in this payment are the:

1) National Child Benefit Supplement (NCBS) for lower income families

2) Child Disability Benefit (CDB) for families with children who are disabled and qualify for the Disability Credit.

Also, each province may have programs as well. In Ontario, there is the Ontario Child Benefit (OCB).

Ok, lets get to what everyone wants to know.

How Much Money Will I Get??

Using the online calculators using 2011 net income, and assuming your children don't have disabilities, here we go. For children age 6 or under you will also receive $100/month for the Universal Child Care Benefit (UCCB), and your amounts will be slightly adjusted from these, as these figures are not including the calculations if you received UCCB in 2011. The amounts include CCTB, NCBS, and Ontario Child Benefit.

These amounts are for people in Ontario.

Net family income of $100 000/yr will receive$21.59/month for 1 child, $ 43.18 for 2 children.
Net family income of $ 80 000/yr will receive $54.92/month for 1 child, $109.85 for 2 children.
Net family income of $ 60 000/yr will receive $88.26/month for 1 child, $176.52 for 2 children.
Net family income of $ 50 000/yr will receive $104.92/month for 1 child, $209.85 for 2 children.
Net family income of $ 40 000/yr will receive $144.60/month for 1 child, $335.95 for 2 children.
Net family income of $ 30 000/yr will receive $271.27/month for 1 child, $594.27 for 2 children.
Net family income of < $ 20 000/yr will receive $390.15/month for 1 child, $759.40 for 2 children.

To get an estimate of your own situation, go to the CRA calculators.

File Your Taxes!

You cannot receive this money unless you have filed your income tax return. If you havn't filed for a few years and are eligible for these payments, you can go back up to 10 years and file and you will still receive the payments owed to you.

Retail Price Adjustments in Canada

2012-08-20T18:39:00.000-04:00

Have you ever bought something, only to be highly disappointed that it went on sale the next week because you purchased it at a higher price?

Many stores in Canada, particularly larger chains, have a "price adjustment" policy. This means that if something goes on sale after you have purchased it, you can go back with your receipt and receive the difference of the price. As an example, if you paid $100.00 for an item, and a couple days later it went on sale for $60.00, you could bring in your receipt, ask for a price adjustment, and you would receive $40.00 back. Nice, eh!?

Each store does have their own specific policies though, so it's good to research the policies for the stores you typically shop at.

Not ideal if you live rurally and the item is $5.00 cheaper since your gas costs getting back to the store would outweigh the difference, but for larger items it can make a big difference! When I bought my laptop at Futureshop a couple years ago, I noticed it in the flyer the next week on sale, and was able to go back in for a fairly substantial price adjustment.

If it happens to be a store you shop at often, it might be handy to keep those receipts for smaller items in your purse to check back in case the items you bought is $5.00 less next week.

Very occasionally, you might even find a store clerk giving you the heads up that your purchase will be going on sale soon. If you know the policies, you can buy it at full price, ensure you get the product before someone else buys it off the shelf, and come back for the price adjustment.

Knowing the policies for the stores you shop at is key! If your favorite store is not in my list of favorites, find the website, and the price adjustment policy is typically found within the returns policy, often in a link at the bottom of the website.

Here is the research for some of my top shopping destinations.

ADDITION-ELLE:

Price Adjustment Policy: We offer a one-time price adjustment within 14 days on items purchased at regular price. To receive a price adjustment for merchandise purchased online, you may call us at 1-888-385-8585. Note that price adjustments for merchandise purchased online can be received exclusively in this manner and cannot be received in-store.

AEROPOSTALE:

To receive a one-time purchase adjustment, present your original receipt within 14 days of the original date of purchase.

THE BAY:

Price adjustments will be made with the original receipt, within 7 days of purchase. Price adjustments will not be made for clearance merchandise.

CANADIAN TIRE and MARK'S WORK WEARHOUSE:

These two companies are both owned by Canadian Tire, and I couldn't find any info on price adjustments with them on their websites.

FUTURESHOP:

If our own price was reduced in the last 30 days.

Present us with your original receipt.

We will refund you the difference.

For purchases from futureshop.ca, and if there are no Future Shop stores in your area, you can contact us at 1-800-663-2275 or by email service@futureshop.com.

ROOTS:

Note: The following is regarding online orders, but I'm guessing their in store policy is a similar 14 days.

Roots.com offers a one time only price adjustment on items purchased at REGULAR price within 14 days of invoice with your original invoice. Please include a note indicating the item and its new price.

From time to time we may run promotions where a price adjustment will not be available. If a price adjustment is not available on any given promotion we will state that fact on Roots.com Canada.

Send your original invoice postmarked no later than 14 days of invoice to:

Roots.com Canada- Pricing Adjustments
9133 Leslie Street,
Unit #120 Richmond Hill, ON
L4B 4N1

Please note we cannot accept photocopied invoices or packing slips and we will only credit the credit card used for the original purchase.

SEARS:

Note: I couldn't find a policy regarding in store purchases, but I did find this one regarding catalogue and online purchases. This one is interesting...will match not only their own prices but ones from other stores too, post-purchase!

We'll match any competitor's advertised price for identical merchandise offered
in Sears catalogues and on www.sears.ca within 30 days of purchase.

I hope this info has helped! Have you ever used price adjustments to get money back on a purchase?

Overnight Summer Camp - You Can't Claim it All

2012-08-13T12:51:00.001-04:00

I loved overnight summer camp as a kid. It was the highlight of my year to go to camp for two weeks each summer. The camp I loved was pricey, in the Muskoka region of Ontario. I requested the "going to camp" experience each year instead of receiving birthday and Christmas gifts. (Ok, I still received some gifts, but smaller ones!)

My daughter started going to overnight camp last summer. She also loves it! But did you realize that you can't claim all of those overnight camp fees as childcare costs on your income taxes?

Camp IS childcare for our family during the summer, as it is for many others. We use a combination of daycamps and a week of overnight camp. All daycamp fees can be claimed, no matter the price, but there is a maximum on the amount you can claim for overnight camp. This maximum amount is in need of being raised to a more realistic current amount.

The daycamp at the local university that my daughter looks forward to each year is approximately $200/week. This can be claimed, no questions asked. Even if it was $500/week it could be claimed, no questions asked.

However, for overnight camp for the 2011 tax year:

"The maximum you can claim for expenses that relate to a stay in a
boarding school (other than education costs) or an overnight camp
(including an overnight sports school) is $175 per week for a child
included on line 1 in Part B, $250 per week for a child included on
line 2, and $100 per week for a child included on line 3."

Line 1 equates to children 7 years and younger.
Line 2 equates to children under 17 who qualify for disability tax credit
Line 3 equates to children between 8 and 17 years old, or over 18 who qualify for disability tax credit.

For most "camp aged" children this means you can only claim $100 for the week of overnight camp, instead of the $200 that I pay for daycamp.

I decided to take a look back to see when this amount was last updated.

2001 (10 years ago). Same amounts as 2011
1999 (12 years ago). Same amount as 2011, with no disability option.
1998. (13 years ago)

"You can claim payments made to: individuals providing Child care services; day nursery schools and daycare centres; educational institutions for the part of the fees that relate to Child care services; day camps and day sports schools; and boarding schools, overnight sports schools, or camps where lodging is involved."

WAIT. HOLD IT!! What was that?? My parents could claim the full cost of overnight camp as a tax deduction for child care, but we can't? UGH.

I get it, I do. It's because the whole thing is lumped together as the upper class sending their kids to boarding school, and why should the upper class get a tax break for something that others can't afford. I'm not disagreeing with that.

What I do think is that the rates need to updated. That $100/week amount for children between 8 and 18 needs to be raised to $150 or $200/week. There are absolutely no daycare providers in my area that would charge only $100 for full time daycare for one week, even for a school age child (infant and preschool spots typically charge more than school age to begin with). I've heard from friends that typical school age rates here (and I am NOT in a large city where rates can be much higher) are $30/day, or $150/week.

Will you join me in writing to your MP regarding raising the amount you can claim on your taxes for overnight camp to match what you would pay for daycare or daycamp?