Getting a firm grasp of our complex tax system is one of the most important components of financial literacy, yet it’s often overlooked.
Literacy efforts more often focus on educating Canadians about the importance of balancing a chequebook, knowing the difference between a stock and a bond, and whether to choose a longer or shorter amortization period on your mortgage.
Yet for many Canadians, personal income taxes are their largest household expense and a good opportunity for savings.
In honour of Financial Literacy Month, I present three of the most common gaps in tax knowledge:
Credits vs. deductions It’s amazing how many people are still stuck in 1987 before our major tax reform switched many of our tax deductions to tax credits. What’s the difference between a credit and a deduction? A credit reduces your tax payable while a deduction reduces taxable income.
So, which would you prefer?
Read more from Financial Post
The image of the strong, silent, go-it-alone entrepreneurial hero is rampant in the media right now. But don’t believe it. Almost every budding entrepreneur needs a wide variety of help to get a company properly launched and set on a path toward growth and profits.
The smart question isn’t “Should I get help?” It’s “Where’s the best place to get the help I need?” Three potential answers immediately come to mind: incubators, accelerators, and co-working spaces.
“If you’re starting a small business, the choice of whether to hook up with an incubator, an accelerator, or just a co-working space would depend upon the resources that you need, the time to market of your product/service, and the experience you have in business and startups,” says Alan Lish, a clinical assistant professor at the University of Houston who works to commercialize the school’s technological advances and also consults with outside inventors.
Wondering which support system may best suit your small business? Here’s a primer on each one to help you decide.
Read more: http://blog.intuit.com/employees/accelerators-incubators-and-more-which-is-best-for-your-small-business/#ixzz2COybNuR4