Is income tax season as scary as they want us to believe?
Spoiler alert: Nope!
Well it’s the end of February and I’m starting to hear all of the usual ads on the radio when I’m driving anywhere now. Even on TV you’ll see a few of them. They’re all reminding you of the same thing and trying to tell you that you need a professional’s help. They’re all about tax season! With Canada’s personal income tax deadline coming up on April 30th, 2016 I’m going to tell you why you don’t have much to worry about and why you should file your taxes yourself.
Judging by all the commercials I hear on the radio you’d think filing taxes was the hardest thing in the world. These commercials like to emphasize that if you don’t get it right the government is going to come after you for more money. Sometimes they’ll use terms you might not be completely familiar with like deductions, tax credits, or audits.
I think a lot of people are under the impression a lot of these tax preparation places employ accountants and highly trained professionals that know the income tax structure inside and out. Unfortunately this is about the furthest thing from the truth. Read more
If you read my last post about Canadian investors losing faith you probably know that I’ve been waiting to see an end to the falling oil prices. I live in the province of Alberta in Canada and it’s basically a petroleum province. A large percentage of Albertans are employed directly through the oil and gas companies or their service companies like construction, or drilling. Pretty much the rest of them are employed indirectly by working at the banks and car dealerships to help flood the province with jacked up rig rockets…Oh and feeding us, they feed us too…
What’s a Rig Rocket you might be wondering?
Well since you’re clearly not from Alberta with that question, here’s an example.
Rig Rocket – A lifted truck with HID headlights, running boards, questionable stickers and a chip that “totally makes 750hp Bro!”.
But Rig Rockets have nothing to do with falling oil prices, if anything they’re helping get rid of the oversupply!
On to the real topic of falling oil prices!
Since oil prices started to fall a little over 18 months ago jobs in Alberta have been dropping faster than Donald Trump supporters should be (how does his rating not drop with every public appearance?). By the end of August 2015 Alberta had lost 63,500 jobs and i hasn’t stopped there with Husky and Cenovus letting go a few hundred more this past week.
Needless to say when news of a recent meeting between Saudi Arabia and Russia over oil productions flooded social media earlier this week a lot of people were getting excited. They can’t possibly be meeting to let each other know that they’re increasing production, right? Well no, they were talking about maintaining current production levels. Which could be great but I don’t think it will be all sunshine and rainbows any time soon. These talks came with several strings attached and here’s my thoughts on them:
Ohh hey there fellow Canadian Investors!
(and non Canadian investors alike! but this post is geared slightly more towards the Canadians. Sorry!)
Hope I haven’t kept you waiting too long! I’ve been under a rock these last few months hiding from the falling Canadian stock market. I haven’t been hiding by myself either, according to the Financial Post Canadian investors haven’t been feeling this worried since the financial crisis in 2008.