Business
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What you need to know about deducting interest on your taxes for investment loans

Posted on 16 May 2018

The interest expense when you borrow money, either through your margin account, an investment loan or a line of credit, and use it for the purpose of earning investment income is generally tax deductible.This tax deduction is important since it can dramatically reduce your true, effective after-tax cost of borrowing. For example, if you live in Nova Scotia, and you pay tax at the top com ...

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Getting shipwrecked on T1135 island an unpleasant fate for taxpayers

Posted on 15 May 2018

Sherwood Schwartz and George Wyle weren’t thinking tax when they composed “The Ballad of Gilligan’s Isle” in 1964. But those memorable lyrics came to mind as I read of a taxpayer’s recent battle with the Canada Revenue Agency and her trip to court. The case involved the notorious Form T1135, Foreign Income Verification Statement, which is required to be filed if you own foreign property ...

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With low income and little savings, selling rental property this couple's best bet on road to retirement

Posted on 15 May 2018

Situation: Low earned income, low investment returns and hefty disability payments keep couple afloat. Solution: Raise investment income, extend husband’s work part time to build savings, cut spending. In Alberta, a couple we’ll call Phil, 65, and Celeste, 56, are moving toward retirement, pushed by age and health issues. Phil, a financial services manager, ...

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Millennials are already feeling the pinch of higher interest rates and spending less

Posted on 15 May 2018

More than half of Canadians under 35 years old said they are spending less because of recent interest rate increases, according to a survey by Nanos Research. Some 30 per cent of respondents in that bracket report higher rates are having a negative impact on their personal spending, with another 23 per cent saying the effect is somewhat negative. Among respondents of all ages, 41 per cent reporte ...

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Barclays, execs in UK court over fraud allegations

Posted on 03 July 2017

LONDON — Barclays and four of its former executives, including the ex-CEO, appeared in court in Britain on Monday on charges of conspiracy to commit fraud connected with efforts to raise funds from Qatar and avoid a bailout during the 2008 financial crisis.The charges are the first in Britain against a bank and former executives for activities during the crisis.At the heart of the case ...

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Caesars Hauls Itself Out of Bankruptcy

Posted on 25 January 2017

Caesars Entertainment is at last ready to drag its main operating unit, Caesars Entertainment Operating Co. (CEOC), out of bankruptcy.
Its bankruptcy reorganization plan was approved Tuesday by Judge Benjamin Goldgar in a Chicago court, putting to bed (we hope) a two-year saga that one of Caesars own lawyers described as “the largest and most complex bankruptcy in a generation.”It ...

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Trump Endorses L.L. Bean after Founders Granddaughter Donates $60,000

Posted on 14 January 2017

AUGUSTA, MAINE—President-elect Donald Trump is urging people to buy L.L. Bean as the company faces calls for a boycott because of a family member’s donations to his candidacy.Trump on Thursday tweeted his thanks to Linda Bean, a granddaughter of the outdoors retailer’s founder, and cited her “great support and courage.” He ended by saying, “Buy L.L. Bean,” garnering criti ...