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Best of intentions can lead to unexpected debt

Possible tax implications of moving home
Moving provinces can result in an unexpected tax bill if you are moving to a higher tax province than where you were working.

This CBC News article points out a potential unintended consequence of moving home from Alberta during a taxation year.

Moving from a lower tax jurisdiction where you were working to a higher tax jurisdiction can lead to an unexpected tax bill as Canada Revenue Agency will calculate your tax for the year based on your province of residence as of December 31st of that year.

Follow the link above for the full article which has more information as well as tips for how to deal with your tax bill.

Did You Know?


Many people who file for bankruptcy get to stay in their home.


In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.


Many people who file for bankruptcy are able to keep their vehicle.


Most bankruptcies are NOT published in the newspaper.


Student loans can be included in a bankruptcy if they are more than seven (7) years old.


A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.


In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]