They are stealing from us–me and you.
Welcome! Hope all had a wonderful holiday, and I am going to get to what’s on my mind for us in the new year.
Many of us know how to spend our monies. Only a few look for bargains; some know how to bargain down a cost, while others could care less about the price. This could be because they are within wealth, or where the monies come from, they do not labour to have it. Those of us who know what it is like to live in poverty or whose labour is not compensated enough to afford our wants will only spend what we know we can afford, and will check every purchase receipt and bank statement to be sure we have enough to cover our monthly responsibilities. While others with a callous attitude could care less about their duties and only choose those which are an advantage to their livelihood; covers, or steal to cover them.
Those with a disregard fail to realize that all living things are linked to a food source to deal with others. Therefore, when Peter is not paid for services rendered to Paul, and Paul is unable to pay Peter, who is unable to pay the Piper for his services rendered, and the Piper has to deduct funds from his account sees a depletion of his livelihood; soon, with each month’s occurrence of this, everyone loses as creditors become (mean), the word some uses to describe a lender who denies a borrower’s application for a loan. Soon the bank raises interest rates, and investments slow down because it is not the right time to invest. Then business owners raise prices to cover their responsibilities, and lack of consumer spending sees a staggering economy where the fittest of the fittest are the ones to survive.
NOT GOING TO BE AN EASY YEAR IN 2013
Thinking that the Government’s benefits entitled will always be there is a shallow mindset of the less educated. When consumers cannot spend, creditors are not paid, and investments are at a stand-sill. The Government will do one of two things: either cut funding for benefits or make it challenging to receive them. Not long ago, this was the case with parents’ children with autism. However, when a majority own up to their responsibilities, society sees good, and livelihood becomes vibrant.
An issue we all face is the cost of living. This is an important problem for society as a whole, especially for those that spend what they do not have. We only have one life to live, so live it as you can. That is an understatement. Yes, we only have one life to live, but we must live it responsibly.
In looking ahead, here are some changes that will affect us in 2023
- New tax brackets to help Canadians keep up with inflation. The Federal Government has adjusted tax breaks for the 2022 tax year, with each bracket seeing a slight increase from the 2021 threshold.
- Basic Personal Amount increase, this is a refundable tax credit that can be claimed by anyone who files income taxes in Canada.
- A first-time home buyers tax credit, known as HBTC, a Federal Government initiative, is double. They are making homeownership more affordable for some Canadians.
- Old Age Security Income, known as OAS, is a government program created to provide retired Canadians with a source of income to help throughout retirement. Seniors whose income was too much may be asked to pay back some of their OAS.
- Canadian Pension Plan earnings and contributions are due to increase in 2023. This means the Employee and Employer contribution rate is now 5.9% (up from 5.70%) for a maximum contribution of $3754.45. For self-employed individuals, the contribution rate will be 11.90% in 2023 (up from 11.40% in 2022) for a maximum of $7508.90.
- The Registered Retirement Saving Plan, known as the RRSP dollar limit, has increased. However, the individual contribution limit is still capped at 8% of the entire income.
- COVID-19 benefit repayment. Those who received COVID-19 benefits in 2022 will receive a T4A slip with all the required information needed for their Tax Return. In some cases, individuals making more than $38,000.00 in income may have to pay back part, or all of the benefits received. Refusal to repay may result in CRA keeping some or all future payments, including Tax Refunds and GST/HST credits.
Keep in mind the CRA will work with you if payment cannot be made in full, and file your Income Tax on time to avoid penalties—the deadline for most is April 30, 2023.
MISTAKES HAPPEN, TIS THE SEASON
There’s an uplifting of what we, collectively, must do for those less educated and mentally challenged by giving our learnt skills, acquired knowledge and wealth—exercising a caring attitude to see others treated fairly within society.
Politicians and Governments now is the time to stop a selective way of thinking towards certain cultures and try to help where you can to see the person’s treated fairness within society. Balance is needed in decision making [this must be attained—understanding], and acceptance of those affected by decisions given; a weighing of the scales that it is not unbalance in your circumstance. If it is, then fight within the law, hoping that those sitting on benches in judgment use logic in a fair sentence of (your) matter.
Research for content and readers’ interest: