Business & Personal Finance

Curious about the Stock Market but don't know where to start?

Written by Elizabeth

Try Shareowner Magazine.  It offers stock market education for today's investor.  Learn how to identify companies with superior potential.

Drawing from a pool of 450 selected, high-quality companies, you can find out how to study a stock's fundamentals such as revenue and debt.  Case studies feature Canadian and American stocks like Tim Horton's, Enbridge and Google.

You can expand your knowledge of North American industries and companies using your new skills.  Starting with some familiar names, you can develop your stock picking expertise and gain confidence in building your own portfolio.

Shareowner magazine is available at Don Mills Branch, Fairview Branch, North York Central Library and Toronto Reference Library.

 

How to avoid Tax Scams

I recently received an email stating that the tax department identified an error in my tax form and that I'll be receiving a refund.  The email requested my bank account information so that they can return the "excess amount".

The Canada Revenue Agency (CRA) warns Canadians that fraudulent emails purporting to be from the Agency are currently circulating.   Taxpayers may receive fraudulent communications by telephone, mail or email.  CRA states that  "these fraudulent communications are also referred to as scams or phising".

To help you identify those communications that do not come from the Canada Revenue Agency, general guidelines are provided by the agency.

According to the CRA website, the Canada Revenue Agency does not do the following:

• The CRA will not request personal information of any kind from a taxpayer by email.
• The CRA will not divulge taxpaper information to another person unless formal authorization is provided by the taxpayer.
• The CRA will not leave any personal information on an answering machine.

If you have concerns about a communication, check the Canada Revenue Agency web site.  They have posted samples of a fraudulent letter, fraudulent emails as well as fraudulent online refund forms.

If the CRA has called, you can verify the authenticity of a CRA telephone number by using the numbers on CRA's Telephone numbers page.  For business-related calls, contact 1-800-959-5525 and for individual concerns, contact 1-800-959-8281.

If you have responded to a fraudulent communication and have become a victim of fraud, please contact the Royal Canadian Mounted Police's Canadian Anti-Fraud Centre by email at info@antifraudcentre.ca or call 1-888-495-8501.

Small Business Network meets May 14th, with Special Guest Hill Peppard of Hill Peppard Photography

The Small Business Network's next meeting is Tuesday, May 14, 2013 from 6 -7 p.m.

Our special guest speaker is prominent Toronto photographer Hill Peppard of Hill Peppard Photography.

Learn about different business resources for the photography business and network with others starting or running a small photography business.

After the speaker's talk, there will be time for questions.

The Small Business Network meets at the Business, Science & Technology Information Desk on the 3rd floor at the Toronto Reference Library.

All are welcome.

How will you spend your tax refund?

• With the final tax filing deadline just a day away, many people are rushing to get the job done.  The majority of returns are being submitted electronically with EFILE and NETFILE.  In an April 19 news release, the Canada Revenue Agency reported that they had received almost 79% of returns or 9.7 million on-line returns. This means money in your pocket sooner, if you are getting a refund.

Hopefully you are one of the lucky individuals, who will receive a tax refund.  With last years average tax refund running around $1,700, the temptation is to splurge and do something nice for yourself - a trip or some big ticket item that you have been eyeing - but the best thing you can do is help yourself financially. 

Some suggestions from Evelyn Jacks, a tax expert and author include:

• Paying down debt.  If you took out a loan to purchase an RRSP or if you have a high interest loan, consider using some of your refund to pay this down.
• Getting a jump on next years RRSP contribution.  
• Consider a TFSA.
• Contributing to an RESP, if you have children.

And of course it is never too late to begin planning for next year's tax season.  Check out some of these resources to assist you in reducing the bite of the taxman and keeping more of your hard earned money:

          

“I like to pay taxes. With them, I buy civilization.”
― Oliver Wendell Holmes Jr.

 

Help for Young Entrepreneurs

Are you a young entrepreneur hoping to start your own business?  If so, here are a couple of programs that may be able to help.

Canadian Youth Business Foundation (CYBF) is a national not-for-profit organization that provides pre-launch coaching, start-up financing, mentoring and business resources to Canadian youth between the ages of 18 to 39.  Their services include the following: 

Pre-launch Coaching:  CYBF provides entrepreneurs personal guidance with their Entrepreneur-In-Residence, who assists you with business planning or developing financial strategies.

Start-up Financing:  CYBF may provide up to $15,000 in start-up financing, low interest rates and 5 year repayment schedule with no principal payments in the first year. Additional financial assistance may be available with their partnership with the Business Development Bank of Canada (BDC).

Mentoring:  Every young entrepreneur is "hand-matched" with a business professional for the first critical two years of the business start-up phase in order to help businesses succeed.

Online Business Resources:  CYBF provides access to many resources including a business plan writer and marketing tips to draw awareness to your company.

Visit the Canadian Youth Business Foundation website or call at 1-800-464-2923 to learn more about CYBF.

Rise Asset Development also has a Youth Small Business Program.  Their program is designed for individuals aged 16 to 29 with a history of mental health or addiction challenges (anorexia, depression, bipolar disorder, anxiety, drug or alcohol addictions, post-traumatic stress, abuse etc.)

This is a free group training program where participants gain practical tools, business knowledge and confidence, while converting their business idea into a viable business plan. Students may be eligible to apply to receive Rise financing and a start-up grant upon completion of the program.

The sessions include:

Workshops: Creative and interactive sessions are taught by Rotman School of Management, University of Toronto alumni and industry experts. Participants work together and discuss business strategies and concepts to develop their business skills.

Coaching:  Participants receive individual and group coaching from mentors across the Rotman community (Rotman MBA alumni) and professionals from the business community.

Self-Directed Learning: Learning is not limited to the classroom. At home, participants can access online resources and support and use a customized Business Plan Workbook to develop their business plans.

Expectations and Outcomes: All participants must complete a business plan and will have the opportunity to present their plan to a panel of small business experts on the final day of the program. Participants receive a certificate upon successful completion of the program.

Financing: Participants successfully completing the program may be eligible to receive a financial incentive of $500 toward the start-up costs of their business. They may also be eligible to apply for Rise financing.

Upon completion of the program, youth will:

• create an actionable business plan
• gain tools and knowledge to start their business
• become eligible for business financing from Rise

Visit the Rise Asset Development website or call 1-855-464-7473 for details. 

Also, check out the Students and Young Entrepreneurs page at the Ontario Ministry of Economic Development, Trade and Employment website for information on youth-owned enterprises.

Moreover, the Toronto Public Library has related recommended websites on its Young Entrepreneurs page.

 

Income Tax Clinics 2013 at the Toronto Public Library

Free income tax clinics are being held at a number of Toronto Public Library branches.  These clinics are aimed at low-income earners and may require an appointment.  Contact the branch for more information.  

Albert Campbell

416-396-8890

Saturday, April 13, 10am-4pm

By appointment only

 

Bendale

416-396-9010

Wednesdays, April 10 & 17, 3pm-9pm

Thursday, April 25, 3pm-9pm

By appointment only

 

Burrows Hall

416-396-8740

Tuesdays, April 9, 16, 23, 6:30pm-8:30pm

Thursdays, April 11, 18, 25, 6:30pm-8:30pm

By appointment only

 

Cedarbrae

416-396-8850

Thursday, April 11, 6pm-8pm

By appointment only

 

Downsview

416-395-5720

Saturday, April 13, 20, 27, 10am-3pm

Saturday, May 4, 10am-3pm

By appointment only

 

Eatonville (Newcomers only)

647-404-5662

Monday, April 8, 15, 22, 12 noon-8pm

Tuesday, April 9, 16, 23, 10am-6pm

Thursday, April 11, 18, 25, 10am-6pm

By appointment and walk-ins

 

North York Central Library

416-395-5614

Thursday, April 11 & 25, 6pm-8:30pm (last client taken at 7:45pm)

Saturday, April 20 & 27, 10am-5pm (last client taken at 4:15pm)

Walk-in only (first come, first served)

 

Parliament

647-404-5662

Monday, April 8, 15, 22, 29, 12 noon-4pm

Tuesday, April 9, 16, 23, 30, 6pm-8pm

Saturday, April 13, 20, 27, 9am-5pm

 

Revenue Canada, 211Toronto.ca and the Certified General Accountants of Ontario also provide lists of other income tax clinics being held across the city.

 

 

Doing your own income taxes

 

If you have a simple tax return to file why not fill it out yourself instead of paying an accountant or other service? There are a number of helpful resources both online and in print that will make your task an easy one.

1. The best place to start is with Revenue Canada where you will find all the forms and guides necessary to complete your return. In addition, you will find an online video series that will help you fill out your returns. If you have any tax-related questions, such as how long you need to keep your returns, whether you even need to file a return, or where to get a tax package, go to Revenue Canada's "All about your tax return" to find your answers.

2. The Certified General Accountants of Ontario yearly tax planning guide provides a number of tax savings tips for Canadians.

3. In addition to their tax guide, the CGA has launched a Tax Portal  that provides tax information and links to numerous related websites.

4. For information on tax credits you might be entitled to, take a look at Canada Tax Credit.

5. The Ontario government has also provided answers to numerous tax-related questions, such as tax credits, refunds, and links to laws at the Ministry of Finance website.

The Toronto Public Library has numerous books to help you with your income tax return.  From guides on how to fill out the return to books on how to save on the taxes you pay, borrowing books can save you a lot of cash!

Here are some titles to get you started:

 

Retiring thoughts

If you are of a certain age, retirement becomes more of a reality with each passing year.  I know for my group of friends the word "retirement" is either on their lips or in their thoughts and will be for the next few years.  So any news item that comes up that mentions that magic word, catches my attention.

A few recent items in the news touching on retirement caught my eye.  Since many people think of relocating when they move,  MoneySense magazine's 8th annual  listing of the top cities in Canada to live in seemed like a good thing to look at since it included a list of the top cities to retire in. They are:

   1. Victoria

   2. Saanich

   3. Kingston

   4. Burlington

   5. Ottawa

   6. Toronto

   7. Joliette

   8. Saskatoon

   9. Stratford

  10. Winnipeg

What made these cities standouts?  Some factors included cost of living, weather, crime rates, access to medical care, to name just a few. 

Worrying about outliving your retirement savings is also another concern of people considering retirement.  Traditionally, people who own property have considered this as a source of funding for their retirement years.  But according to a survey that recently made the news, done by the Investor Education Fund and posted on their Get Smarter About Money.ca  site, found approximately half of those surveyed never have considered using their homes to fund their retirement.  The full report can be downloaded from the website - it makes for interesting reading.

And speaking of interesting reading, why not check out a few of these recent titles on retirement planning?

         

     

Enjoy your retirement planning!

Money Matters Spotlight: Tom Hamza

 

On Wednesday March 27, 2013 at 6:30-8:00 pm in the auditorium at the North York Central Library Tom Hamza, President of the non-profit Investor Education Fund (IEF), will discuss eight Universal Money Truths that apply to everyone regardless of their financial situation.  Learn practical tips on budgeting, saving, borrowing, investing, and protecting your money from fraud.

Free. Call 416-395-5613 to register.

The Canadian Penny's Demise

In the Economic Action Plan 2012, the Government of Canada announced it would phase out the penny from Canada's coinage system.  The decision to phase out the penny was due to its “excessive and rising cost of production relative to face value, the increased accumulation of pennies by Canadians in their households, environmental considerations, and the significant handling costs the penny imposes on retailers, financial institutions and the economy in general.”

A transition date of February 4, 2013 was set after which the Royal Canadian Mint would no longer distribute pennies.  Instead, the Royal Canadian would start collecting one cent coins for melting and recycling of the metal content.  Six billion pennies are expected to be surrendered by Canadians over the next six years.

On February 4, 2013, businesses were encouraged to begin rounding cash transactions.  For those interested in the Rounding Guidelines, they are available at the Royal Canadian Mint web site.

There are also pages dedicated to frequently asked questions for Consumers, Businesses and Charities.

A History of the Penny page is likewise available for those interested in the coin's history.  At present, the Currency Museum of the Bank of Canada has a small exhibit on the coin.  According to The Ottawa Citizen, the CENTimental Journey exhibit chronicles the history of the penny from 17^th-century France to the present day.  The exhibit showcases different pennies used between 1693 and 2012.  It also prominently features the last penny struck by Finance Minister Jim Flaherty on May 4, 2012.  The exhibit runs from January 15 to July 2, 2013.

For books about Canadian money in general, check out the following three titles at the Toronto Public Library:

Canadian Coin Digest 2nd Ed.	Canadian Dollar Chaos	Money and Exchange in Canada to 1900

The Bank of Canada has an excellent publication on their web site entitled A History of the Canadian Dollar by James Powell.