solomag.ca team bio

Published on solomag.ca, June 2009.

Glyn was born in England in 1971, emigrated to Canada in 2005, and has lived in Toronto ever since. His teeth are just fine, thanks for asking. Glyn's background is in communications, with emphasis on public relations and writing. However, having met and worked with JP in a downtown PR agency circa 2007, he decided he'd prefer to write for a living, rather than just being poorly paid to annoy other writers. Witty, analytical, and sometimes purposefully provocative, Glyn currently covers solomag.ca financial beat, taking great pride in striving to make it funny, or at least interesting to read.

Learning to be Income Tax Savvy

Published on solomag.ca, June 2009.

Income tax time came and went and we’re happy to have another year ahead of us before we have to start thinking about it again. Or do we? Perhaps we should be thinking about it in advance so that it isn’t such an odious task. By knowing a few ins and outs, tax time can be a lot less stressful come next spring!

Tax. It’s a horrible word, and mentioning tax returns in front of any Canadian often incurs eye-rolling, tutting, and a resigned sigh about yet another thing on the to-do list. But, imagine if the federal government suddenly ceased referring to “tax returns” and began to use the term, “free money” instead?

As Cleo Hamel, senior tax analyst for H&R Block says cheerfully: “Tax is bad enough, but why would you sit back and give the government more than you have to?”

It seems like a rhetorical, almost condescending question. But I’m more than happy to take that from the woman tasked with reading the federal budget every time the government publishes one.

Hamel’s role at H&R Block is precisely that, and with the ongoing objective of – amongst other things - identifying where and how Canadians can claim for every single tax-deductable cent that’s up for grabs.

So why am I telling you about tax in June? Well, the majority of tax-related consumer stories, published often in March or April, don’t help much. One month’s notice isn’t enough when you realize the scraps of paper you need to find in the next 28 days are on the dresser, in the car, in the closet, in your desk drawer at work, incommunicado, or already long gone to that same parallel universe where missing socks and the cable controller go. And, if the recession already has you shying away from Starbucks in favour of home brew, or considering cutting your own hair, then can you really afford to say ‘no’ to potentially thousands of dollars?

Yes, thousands. “As a rule of thumb, your tax return should always be within $100 either way”, explains Hamel. However, there are specific situations in life that may cause you to be taxed incorrectly, that is to say over-taxed.

That’s right, you could be paying too much right now, as you read this. And you can get it all back.

“The key is to be very thorough,” says Hamel. “There isn’t a solitary, windfall payment available but the Tax Act basically encourages people to take back more in return for claiming more.”

So how do you know whether you’re one of the lucky ones? The cool news is that the majority of people are. Are you working? Saving any money at all? Been ill lately? Got a house or kids? Best of all, have you been spending money moonlighting in your dream job whilst putting in the 9-5 grind in your beige, Dilbert-style cubicle? Then there is money for you.

Check out solomag.ca over the next few issues to for more tips on how to get more and give less. In the meantime, go find yourself an empty shoe box. Don’t have one? Time for a new pair of shoes!