My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned.

Friday, March 8, 2013

Tax Tweets of the Day for the Week Ending March 8, 2013

My Twitter tax tips for this week are listed below. My twitter handle is @bluntbeancountr. That's it for my tax tips. I am done for this year. I hope there have been one or two tips that were beneficial.

Online Chat - Globe and Mail


I will be participating in a live online chat with Dianne Nice of The Globe and Mail on Wednesday March 13th at 12:00. The topic will be Tax tips for investors. The link to join the chat is here. Please feel free to join the chat and ask a question. Dianne is taking some questions prior to the chat if you wish to send in a question beforehand. Let me know if you are a reader of The BBC.

If you join the chat, I would appreciate questions that are reasonable to answer online given the time constraints as opposed to "Mark, I have a hedged account in Singapore in U.S. dollars on which I have covered calls in German Marks and I wish to monetize the account. Will it work?

Tips for Week of March 4 - March 8, 2013


If you have a Line of Credit for investment purposes, check your December, 2012 statement for a summary of interest paid in 2012 & claim the interest expense. #blunttaxtip

Did you own foreign property with a cost of over $100,000 at any time during the year? If so, file Form T1135. #blunttaxtip

Note: Check out this post on foreign income reporting by My Own Advisor.

If u sold a US stock in 2012, use the F/X rate from the yr of purchase to determine cost; use 2012’s average or actual rate for the proceeds. #blunttaxtip

Did you sell a REIT in 2012? Reduce the ACB by the return of capital from prior years. #blunttaxtip

Last tip of the year. Don’t file late no matter what! There’s a 5% penalty + another 1% per month up to 12 months. #blunttaxtip

Note: Even if you cannot afford to pay the tax due, file your return to avoid the penalties. You can usually make arrangements with the CRA to pay off your tax liability over time if you provide reasonable terms of repayment.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

4 comments:

  1. Thanks for the mention Mark. Lovin' your posts and tweets of late - stellar information.

    Back to watching Morning Drive, Holly is on ;)

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    Replies
    1. Mark, Thx. I will give you even more mention a week from monday, but that will be it, as I dont want your head to get to big :)

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  2. Thanks for sharing the tips Mark. I'm a fairly new PR in Canada and I'll be filing my taxes this year on my own for the first time. There's nothing out of the ordinary that I'm claiming but I do want to learn the process. Thanks for the tips above they all help. Cheers
    Mr.CBB

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