‘Nothing is certain but death and taxes’, according to Benjamin Franklin, but in saying that he was perhaps too pessimistic, particularly for seniors.  Although taxes can be a major burden for the young, seniors often benefit from the breaks that society wants to give them.  However to so benefit it is important to complete a tax return. Even for that, help is often available to elders.

In the US, you can do this online and the IRS has begun now to accept 2011 tax returns.

IRS officials encourage the use of e-filing.  More than 1 billion returns have been e-filed, an electronic transmission system that “revolutionized the way the IRS processes tax returns and made speedy refunds possible,” officials said. More than 112 million income tax returns, or 77 percent of all individual returns filed, were e-filed last year.

Tax Returns by Free File in the U.S.

The easy way to make your e-file return is to use Free File.

Free File is a free, federal income tax prep and electronic filing program for eligible taxpayers, developed through a partnership between the IRS and the Free File Alliance, a group of private sector tax software companies. Taxpayers can do their federal income tax returns using commercial online software provided by the Free File Alliance companies. You must go to IRS.gov to access Free File. This year, you have until April 17, 2012, to file and pay your taxes or request an extension.

There’s also a FAQ web page on Free File.  You will note that  the Free File program is open only to taxpayers with a 2011 Adjusted Gross Income (AGI) of $57,000 or less. Each participating company sets its own eligibility requirements and not all taxpayers will qualify for all companies. Individual company offers may be limited by AGI, geographic location, specific states and include other criteria, so it’s important to review the criteria before you choose. Or use the “Help Me Find a Free File Company” tool to help you find a program that meets your needs.

If you need help in completing your tax return, then you may be able to benefit from Free Tax Return Preparation by Volunteers.  The IRS Volunteer Income Tax Assistance Program (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify.

The VITA Program offers free tax help to low- to moderate-income (generally, $50,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations.

The TCE Program provides free tax help to people aged 60 and older.  Trained volunteers from non-profit organizations provide free tax counseling and basic income tax return preparation for senior citizens. Volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.

As part of TCE, AARP offers the Tax-Aide counseling program at more than 7,000 sites nationwide during the filing season.  Trained and certified AARP Tax-Aide volunteer counselors help people of low-to-middle income with special attention to those age 60 and older.

E-filing Tax Returns in Canada

In Canada, NETFILE allows you to file your personal income tax and benefit return directly to the Canada Revenue Agency (CRA) using the Internet.

The NETFILE transmission service is open from February 13, 2012, until September 30, 2012, for the electronic filing of your 2011 personal income tax and benefit return. Tax returns filed via NETFILE must first be prepared using one of the 2011 commercial tax preparation software packages or Web applications certified for NETFILE.  The two certified software suppliers for 2012 are TurboTax and TaxChopper 2011 from CuteTax.  You can check these websites to see if you qualify for their free offerings.

Canada also has a Community Volunteer Income Tax Program (CVITP).  The objective of the CVITP is to help eligible individuals who are not able to prepare their income tax and benefit returns by themselves.

E-filing Tax Returns in the UK by Self Assessment

In the UK, it is possible to send a Self Assessment tax return online to Her Majesty’s Revenue and Customs (HMRC) using the secure service it provides. This software provides automatic calculations, faster processing and later deadlines.  There are a number of companies that provide the software needed.

You then need to register to use HMRC Online Services before you can use any of this software to file your tax return online.

You need to watch the deadlines carefully, since the penalties can mount rapidly. If you wish to use this service, then it’s too late for the past fiscal year since the deadline for registration was January 21.  If you are already registered, then your return must be received by them by January 31.  This year, the support staff for this service will be on strike on that date.  If this causes you to miss the deadline because you could not contact them, then the penalty will be waived.

Here too, you may be able to get volunteer help with your tax return if you need it.  If your household income is less than 17,000 pounds per year and you are a pensioner you will qualify for free tax advice from TaxHelp for Older People.

This is a service originally provided through the Low Incomes Tax Reform Group (associated with the Chartered Institute of Taxation) but is now provided by Tax Volunteers, an independent organisation, to make free professional advice on personal tax available to older people who could not otherwise afford to pay for it. A team of over 720 volunteers is available throughout the UK.

Post from: Senior Money Memos

Easier Tax Return Tips For Seniors

Technorati Tags: cra, hmrc, irs, online, tax return, taxes

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If you are a frequent visitor to this blog, you may have noticed the small panel in the left sidebar that indicates this blog is for sale.  I thought you deserved a few words of explanation.

Why Does Anyone Sell Their Blog

Some may find it surprising that anyone would sell a blog they have created.  Isn’t a blog a kind of personal journal of information and thoughts on a topic of interest?  That probably is true for 99% of blogs, but clearly not so for the biggies like the Huffington Post or TechCrunch, which are akin to online newspapers.

Thinking of the other 99%, what is going on when someone wants to sell one of these blogs.  It clearly depends on the extent to which the blog is reflecting the personality of the author.  A highly personal blog is probably not saleable as an ongoing concern.  On the other hand, a blog which has been built as a way of chronicling some topic with minimal linking to the personality of the author is clearly saleable.  Senior Money Memos is such a blog.

If you are interested in the details of the sale, then you should check the This Blog For Sale web page.  If you’re interested in the reasons behind the sale and why it might make sense for you to buy it, then please read on.

Reasons Why I Want To Sell

Not Enough Time

This is the principal reason why the thought of selling this blog came to mind.  A number of new interests are taking up time and this is crowding out the time I would normally devote to this blog.  There is no diminution of interest in the topic, which is still a growing factor as society evolves.

Focus, Focus, Focus

Here I must confess I have not been taking my own advice.  Those three words of Peter Drucker are ones I have repeated many times to others.  Put all your energies ideally into a single cause and you will be much more effective in achieving your goals.  As Michael Porter said strategy is about saying no.  You cannot pursue every enthusiasm you may have and do it effectively.

Benefits To The Purchaser

Hot Topic with Growing Interest

Seniors are a growing proportion of the population.  This creates interesting challenges for society and for the seniors.  Seniors are healthier and are living longer.  This can stretch whatever financial resources they have.  To enjoy their later years they must be more resourceful with what they have. They have a keen interest in finding out all they can on how best to achieve a long and fulfilling life.

Building An Authority Website With A Good Reputation

A large number of websites are coming online to meet that senior appetite for useful information. Senior Money Memos aims to be an effective entry point to what is available.

Search Engine Visible

Search engines such as Google and Bing can bring the majority of visitors to a site such as Senior Money Memos.  The sheer volume of content provides a strong magnet for such search engine interest.  Most posts have been created so as to rank well in appropriate keyword searches.

Effective Technology Gives A Mobile Device Friendly Website

The blog uses WordPress software and has a child theme from the latest default theme, twentyeleven.  This gives excellent rendering on desktop PCs and is fully mobile device friendly for iPhones and Android smart phones.  With the increasing share of Internet visitor traffic that are using mobile devices, either iPhone or Android, this is a very important strength of the Senior Money Memos.

Monetization

Personal finances for seniors is a topic that is of interest to major financial institutions and of course to the seniors themselves.  Both display ads and Adsense ads can perform well, particularly as volumes grow through time.

Avoids all the problems and frustrations of starting a blog from scratch

If you would like to be running your own blog on personal finances for seniors, then Senior Money Memos is a great opportunity for you.  You don’t need to go through all the challenges and frustrations of starting a blog from scratch.  Instead you can manage a successful blog and tune it to reflect your own preferences.

How To Proceed

If you would like to know more, then you have two choices:

A.  Make Contact Now

You can contact Barry Welford to find out whatever information you need.  If it sells prior to auction, you are likely getting this blog for a lower price.

B.  Participate in the Auction

Unless this blog is sold prior to auction, it will be auctioned shortly via Flippa.com for a period of 30 days with a Buy-It-Now (BIN) price of $4,000. There will probably be further information provided on the auction website. Drop us a line if you would like to be informed when it goes live on the Flippa.com website.

Post from: Senior Money Memos

This Blog Is For Sale

Technorati Tags: auction, blog, sale

Other Posts From The Archives

• December 21, 2011 -- Avoid Fraud In Your Power Mobility Purchase (1)
• October 17, 2009 -- Online Lottery Scams Target Seniors (0)
• April 27, 2009 -- Making Money Go Further (1)
• April 4, 2009 -- Consumer Protection (1)
• February 2, 2009 -- Safeguard your savings (0)

This is a guest post by Lloyd Burrell of officedeskreviews.com, an office desk website that reveals the secrets of home office organization.

From my time as company auditor I observed that very often companies that had the best financial systems and internal organization in place were very often also the most successful. Well it is my firm belief that in the realm of personal finance the same applies.

You don’t need me to tell you that it’s not because you’re a senior that all of a sudden the paperwork stops. For many of you being a senior could mean quite the contrary, it could mean a second lease of life with a home office business.

Whether you are running a home office business or just wanting to get your domestic paperwork under control you can make your home office perfectly meet your needs with the following simple strategies.

The Home Office Circle of Influence

Start by focusing on the physical area within arms’ reach.

At a minimum, this will include your desk, your chair and your computer. This is your immediate circle of influence, and the way that you organize and furnish this space will go a long way toward determining how productive you will be in your home office.

First, you must be comfortable. Simply put, you will be more likely to actually get things done when you are ergonomically able to work for long, focused periods of time without discomfort.

Make sure that your desktop is at a good height, and that the placement of your computer allows you to reach the keyboard and view the screen without hunching down. To avoid back pain, your chin should be level or even angled slightly upward while you type.

Whether you use a laptop or desktop computer, you’ll find a variety of desk designs exist to accommodate your specific needs. Look at Bush Furniture desks for a good example of the options available, including desks with ample leg room and raised monitor shelves to help you achieve a comfortable position while you work.

Your choice of office chair also influences your ability to stay focused while working. Whether it’s a simple task chair or a leather executive style seat, be sure that it offers the back support and height adjustment that you need. If you choose an office chair with arms, be sure to consider its fit with your desk: can you sit close enough to your desktop when the chair is adjusted to the necessary height, or do the arms interfere with your ability to pull close to the desk?

Access To Your Home Office Productivity Tools

Next, what do you need to have on hand?

Depending on the type of work you do at home, you may need frequent access to files, reference material, pens, paperclips, a phone, or more specialized office equipment. Whatever the answer is for you, make sure that you organize your home office so that the necessary items are readily available.

Many items may be stored in or on your desk, but do look for a desk and other office furniture that will allow you to store most items off of your actual desktop. Maintaining an open, clutter-free work space will be a practical and psychological aid to getting things done in your home office.

In addition to the desk itself, you can set up easy access to the items you need with file cabinets, supply caddies and bookshelves placed either under the desk or within reach of it. Don’t overlook wall space when designing your home office layout: shelving, file pockets and even mountable trays can be installed for easy access.

Your Home Office Space

The actual layout you choose for your home office will depend in large part on the space available. Whether you’re able to dedicate an entire room or need to carve out space from a shared living area, with a little research you’ll be able to find the office accessories you need to set up a focused work space.

When a separate room is available for your home office you’ll have the luxury of choosing whichever office furniture suits your style, needs and budget. However, there are space saving solutions that still make it very possible to work at home even when your “home office” is simply the corner of your kitchen, or half of the master bedroom.

Armoire style desks provide a dedicated work area that includes storage for office supplies. When not in use, just closing the doors allows them to seamlessly blend into the decor of a shared-use room. From compact and efficient computer desks to corner fitting L-shaped desks, you’ll find that even a limited amount of floor space can provide plenty of room to set up an organized home office.

If you’ll be meeting with clients, think about the impression that visitors will have of your business when they see where you work. Whether it’s elegant and traditional or modern and high-tech, look for a desk and matching office furniture that say what you intend about who you are. It’s easy to find quality office furniture at an affordable price by doing a bit of research online before you buy.

Whether you work at home or you just need to stay on top of your paperwork, the key to successful home office organization lies (literally) within your reach. Be sure that you invest the time to assess your needs, then do your research to find the furniture and accessories that will be the best fit.

About the author

First as an auditor and then as a holiday rental specialist, Lloyd Burrell spent many years working behind all sorts of different desks. Now he sits in front of a cherry computer desk where he edits the internet’s leading office desk website. To contact Lloyd and find your ideal desk visit officedeskreviews.com.

Post from: Senior Money Memos

The Senior Home Office For Financial Success

Technorati Tags: Filing cabinet, Furniture, Home office, Office chair, office desk

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Forbes suggests Seven Steps To Take If You’re Late Paying Bills. As they suggest, acting now may help you down the road.

It’s a situation all too familiar to millions of Americans these days. After years of hard work, a sudden job loss, pay cut, furlough or simple over-reliance on debt has left too little cash on hand to pay the monthly bills. More than 13 million people are currently in hock to collections agencies or are seriously considering bankruptcy, according to a recent report by the National Foundation for Credit Counseling.

If you find yourself falling behind on your bills, there are several steps you can take to help reduce the amount of money you owe and help preserve the assets you still have. The seven steps are not rocket science, but one or more are often forgotten. Here are what is suggested:

1. Know where you stand.
2. Negotiate with creditors.
3. Know who you’re talking with.
4. Only do deals you can live with.
5. Make sure your information is accurate.
6. Know your rights.
7. Avoid desperate measures.

For unbiased advice, turn to an organization like the National Foundation for Credit Counseling, which offers free advice from trained credit counselors.

Post from: Senior Money Memos

Seven Steps To Take When Late Paying Bills

Technorati Tags: bill collectors, Credit counseling, debt, late payments

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Consumer Protection Resources

Particularly in these hard times, it is even more important than ever that consumers know their rights and are protected from aggressive or even illegal business practices.  There are a number of resources that suggest they would be of assistance.  Here are some of them:

• Federal Trade Commission – Protecting America’s Consumers
• Consumer Guides and Protection – Official information and services from the U.S. government
• Canada’s Office of Consumer Affairs (OCA)
• Consumer Protection Branch, Ontario
• Information portal for the Consumers’ Association of Canada – Federal and Provincial offices, departments or ministries for consumer protection.

The list in the last portal has one resource where the link to the website is missing, somewhat surprisingly, at the time we write this.  That is the reference to the Business Practices and Consumer Protection Authority of British Columbia.  The website does exist and there you can learn that

The Business Practices and Consumer Protection Authority (BPCPA) is a not-for-profit corporation that delivers consumer protection services throughout British Columbia.  BC’s consumer protection laws provide the framework to help the BPCPA protect consumers and encourage a fair marketplace in the province.

There is even a Consumer Corner  and in the past, there have been some useful tips:

• June 2008:           Cars on Consignment: Making an informed decision
• March 2008:         March is Fraud Prevention Month: Advance Fee Loans
• January 2008:       Making New Year’s Resolutions Work for You: Tips for consumers about joining a fitness club or program
• November 2007:    Resting in Peace: Tips for consumers around cremation, interment and funeral services
• September 2007:   Hold the Phone: Tips for consumers around telemarketing
• April 2007:            Have Fund, Will Travel – Tips for consumers when buying travel services
• March 26, 2007:    Fraud Prevention Month: Don’t buy into home renovation scams
• March 19, 2007:    Fraud Prevention Month:Make the right call around phone fraud
• March 12, 2007:    Fraud Prevention Month: Don’t buy trouble from door to door sales
• March 5, 2007:      Fraud Prevention Month: Don’t fall for deceptive mailouts or lottery scams
• February 2007:      Know your rights and responsibilities around debt collection
• January 2007:       Be cautious with time shares in Mexico

Buyer Beware

The interesting aspect of the above resources, almost without exception, is that they usually have two objectives.

• To set out good business practices, which in some cases may have associated legislation.
• To provide consumers with advice on how to take care of themselves.  In some cases, there is also a Complaints process.

What is rarely provided is a list of companies whose practices are questionable, or even the subject of complaints. This seems to be a field left to private individuals.  However via the Internet and through the social media such as Twitter such information is becoming more available.

Freedom of Information

Thankfully there is increasing openness in society and governments and their agencies must respond, even if it takes legislation to enforce this.  For example, Larry Pynn in the Vancouver Sun through freedom-of-information legislation learned that Collection agencies, retail outlets and travel agents easily led the top-10 list of consumer complaints received last year by the Business Practices & Consumer Protection Authority of B.C.

Collection agencies were the source of 2,591 phone and mail complaints/inquiries, followed by retail sales at 1,861, and travel agents at 1,008 (136 of whom involved unlicensed agents).

Other sectors on the dubious top-10 list: automotive sales, 551; funeral service, 447; telecommunications, 436; credit/financing 440; credit reporting, 390; contractors, 371; and telemarketing, 367.

You should consult the article for names if you are interested. The BPCPA defends this lack of communication and prefers to work directly with companies to ensure better behavior.  However in this age of Twitter, many ways of communicating what is known are having to be rethought and this area of consumer protection may well be one of them.  Nothing can ensure better business consumer practices faster than by the perpetrators knowing that everyone is watching.

Perhaps the new watchword should be Seller Beware rather than Buyer Beware. It is not something that is difficult to accept since satisfied consumers are the key to better sales growth.

Post from: Senior Money Memos

Consumer Protection

Technorati Tags: BPCPA, British Columbia, Consumer protection, Consumers’ Association of Canada, freedom of information

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The world is changing for all and particularly for seniors.  With the global recession, some seniors are seeing their retirement funds dwindling alarmingly.  At the same time, with improved health services, seniors can look forward to much longer lives than in the past.  Accordingly, seniors looking for jobs can be grouped in three categories:

• There are those who are retired and would like to do something active that would give them monetary rewards.
• There are those who would like to retire but must continue to work because it is tough taking ends meet in these recessionary times, and
• There are those who do not consider themselves seniors but are healthy and looking for a second career as they pass fifty.

There are a number of information resources on the Web and here we will highlight four of them.

Retired Worker (Canada)

Retired Worker connects 50+ job-seekers to employers who are looking for the experience, broad skill base and value such workers deliver. It was launched in 2003 by Sarah Welstead and Max Stocker in Toronto and is now the largest employment website in Canada for 50+ job-seekers.

SeniorsForJobs.com (Canada)

SeniorsForJobs.com serves talented job seekers who wish to remain in the workforce and astute employers who are looking for skilled, experienced and reliable employees. Membership is free for job seekers who can access the jobs database and apply for jobs. There are also employment resources and career management tools that are tailored to mature and experienced workers.

Jobs For Seniors ( Canada)

Job4seniors.ca will help seniors meet the challenges of re-entering the workplace and find the right position either in a part-time or full-time environment. In hiring a senior, an employer can look forward to the benefit of a productive and reliable person with many years of experience and knowledge.

Seniors Info (Canada)

This website in Ontario is part of a national project, the Collaborative Seniors’ Portal Network, and provides important information. for seniors, their families, and service providers. It has been developed through and by all three orders of government, and numerous seniors groups and service providers. Information about Federal and Provincial services is now readily available and in the future a wealth of local information of particular interest to seniors will be added.

The other factor that influences job choices is that there are many More Active Seniors than in the past.  Many are using time and money to pursue lifelong interests or to take on a second career, quite unlike the stereotype of grandparents sitting on the porch in rocking chairs.  Retirement can be a time of personal growth and activity. 

That is the thinking behind CARP, Canada’s Association for the 50Plus, which brings a New Vision of Aging for Canada.

As the population ages and the “boomer” generation enters the “seniors” category, the more mature portion of our population become ever more important. Moses Znaimer, executive director of CARP, has coined the term ZOOMER to describe the highly motivated, energetic, well trained and non-retiring senior – a “boomer with ZIP”, as Moses puts it.

As part of that, there is a Canadian website, Seniors For Hire.ca, where progressive employers can connect with mature workers of 50 plus years.  The website is also known as ZoomerJobs.com.

A Job-seeker can browse jobs and post resumes for free. An Employer can have immediate access to hundreds of job-seekers and post job vacancies, which will be accessible to almost 100,000 viewers each month for a small fee.

“Mature workers – employees of 50 + years up to “seniors” (wherever that starts) are a tremendous boon to the workplace”, says Darryl Wall, Vice President of SeniorsForHire.ca . “Progressive employers throughout Canada are hiring seniors to supplement their workforce and provide a positive role model for new employees”.

This changed view of the 50+ threshold is also reflected in a similar US website, SeniorJobBank. which is a meeting place for over-50 job seekers and the employers seeking their services. Originally established in 1975, the SeniorJobBank claims to be  the most recognized name on the Internet serving this audience. The average age of visitors to the website is 57.

Such individuals are not ready to be put out to the proverbial pasture. They’re vibrant, dedicated, and knowledgeable. An employer can tap into this valuable and increasing segment of the population and benefit from the talent, experience and work ethic that they bring to any company or organization.

For those who do not think of themselves as seniors at 50, there is a sister website, Workforce50. designed for employers who wish to advertise to more mature job seekers for their job openings.

Many jobs will be better filled by mature workers, with skills, knowledge and experience who are wise in the ways of the world.  A win/win situation is certainly very likely for both employer and employee.

Post from: Senior Money Memos

Jobs For Seniors Information Websites

Technorati Tags: Canada, Employment, jobs, Moses Znaimer

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Tax Return time is upon us and reminders on this are coming up almost every day.  Although the specifics depend on which country you live in, there is often merit in looking over lists to see whether it sparks ideas on tax deductions that may be overlooked. 

One US article that offered Tax Tips for Senior Citizens  pointed out that if anyone needs a little extra tax know how, it’s retired senior citizens, more and more of whom are just trying to make ends meet.  You should not forgo completing your tax returns since there may be benefits to which you are entitled.

Another US post today mentions 25 Easily Overlooked Tax Deductions.  As is pointed out, if you are one of the millions of Americans who throws all their receipts, credit card and bank statements into a box, you are likely to overlook hundreds of dollars in tax deductions when preparing your tax filings. Here is their list of deductible expenses:

1. Medical transportation expenses including tolls, parking, and mileage for trips to doctor’s, health facilities, laboratories.
2. Prescribed medical aids such as crutches, canes, and orthopedic shoes
3. Hearing aids, eye glasses, and contact lenses
4. The cost of alcohol and drug abuse programs, and certain smoking-cessation treatments
5. Education expenses you paid to maintain or improve job skills (including professional books)
6. Professional journals, magazines, and newspapers that are job-related
7. Cost of safe deposit box used for to store investments or investment information
8. Required uniforms and work clothes not suitable for street wear
9. Union dues.
10. Job-seeking expenses within your present field of employment – from printing resumes to phone charges.
11. Dues to professional organizations and business gifts up to $25 per customer or client
12. Cellular phones required for business
13. If you are self-employed, half of the self-employment tax paid
14. Self-employed health insurance premiums and long-term care insurance premiums up to the annual limits.
15. Fees for tax preparation or advice, including software like TurboTax if you meet limits
16. Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
17. Penalties paid on early withdrawal of savings
18. State income taxes owed from a prior year and paid in the tax year-with your last return
19. Mileage incurred in performing charitable activities
20. Gambling losses to the extent of your gambling winnings – but be prepared to document this
21. The cost of employment agency fees or commissions in certain cases
22. Home office expenses, if your home is your primary place of business
23. Cash and non-cash contributions to qualified charities
24. Reservist and National Guard overnight travel expenses
25. Worthless stock or securities – but you must follow the prescribed rules.

The Internal Revenue Service of the United States Department of the Treasury has a useful tutorial giving Tips for Seniors in Preparing their Taxes.  As it explains:

Current research indicates that individuals are likely to make errors when preparing their tax returns. The tax tips included were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. In addition, you’ll find links to helpful publications as well as information on how to obtain free tax assistance.

One Canadian website, TaxTips.ca, provides Canadian Tax and Financial Information with links to a large number of resources on Income tax information items such as:

• Pension splitting
• Attendant care expenses
• Attendant care expenses paid to a retirement home
• Disability supports deduction
• Amount for an eligible dependent – A single person can claim a tax credit for a dependent child, grandchild, sibling, parent or grandparent.
• Caregiver amount tax credit may be available if (dependent or non-dependent) parent or grandparent (over 65) lives with you, or if a dependent relative lives with you.
• See non-refundable tax credits on the Filing Your Return page for tax credits available for seniors.
• Do you qualify for the Service for Seniors Telefile to file your tax return?
• Access your Old Age Security (OAS) and Canada Pension Plan (CPP) tax slips online.
• You might save tax by sharing your CPP retirement pension with your spouse.

The Canada Revenue Agency of the Canadian Government also has a website offering Tax and benefit information for seniors:

As a senior, you may be entitled to claim numerous credits and benefits on your income tax and benefit return. You have specific information needs when it comes to completing your return, and various resources are available to help you file your return accurately and on time. Here you will find much of the information you need to make filing easy, and to get all the tax savings and benefits to which you are entitled.

If you wish to complete your tax returns yourself or are looking for assistance in getting someone else to assist you, then the above links will give you the necessary information. Remember too that the government offers a free IRS efile service that will save you a few more dollars in addition to the deductions listed above. Since you may possibly be receiving a check for tax credits owed to you, it is better to complete your tax return earlier rather than later. We hope you appreciate this additional reminder.

If there are other sources of assistance for seniors on their tax returns that you have found useful, then why not add these in the comments.  You may make someone extremely grateful.

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Post from: Senior Money Memos

Tax Tips And Tax Deductions for Seniors

Technorati Tags: Canada, Tax credit, Tax deduction, tax return, TaxTips, United States

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The monthly newsletter from the Canadian Banking Association is out and is well worth reading.  Unfortunately it does not appear on line so your only way of seeing it is to subscribe to the e-mail version.

The topic of Fraud Prevention Tip – February 2009 is scams.  You may wish to subscribe to see the full content but here we will show you some of the highlights.

According to statistics compiled by PhoneBusters, in 2008 there were more than 17,000 victims of fraudulent scams in Canada, which added up to a total dollar loss of over $36 million.  And as these numbers are based solely on reported cases, there are potentially countless more that have gone unreported.

With so many scams you might feel overwhelmed but the good news is there are many resources available for consumers to help them protect themselves.  The newsletter gives the following:

• PhoneBusters is a Canadian anti-fraud call centre managed by the Ontario Provincial Police, the RCMP and the Competition Bureau Canada. Its website provides an extensive list of fraudulent scams to watch out for, channels for reporting suspected fraud cases, and links to local fraud prevention groups across the country.
• The Royal Canadian Mounted Police website provides practical information to help Canadians protect their personal information and ensure their identity and finances are not compromised.
• The Competition Bureau of Canada and the Fraud Prevention Forum work to prevent Canadians from becoming victims of fraud by educating them on how to “recognize it, report it and stop it”.
• The Office of the Privacy Commissioner of Canada offers useful information to help Canadians protect their private information and learn about their privacy rights.

The PhoneBusters website is excellent and has a particularly good list of current scams, which you can explore via the following links:

• 900 Scams
• Advanced Fee Letter Fraud (419 / Nigerian Letters)
• Advanced Fee Loans
• Bomb Threat
• Cheque Overpayment Fraud
• Consumer Tips
• Dead Air Calls
• Emergency Scam
• False Charities
• Hitman Email
• Identity Theft
• Inheritance
• Lottery Emails
• Office Supplies / Directory
• Phishing
• Phone Number Spoofing
• Prize Pitch
• Puppy Scam
• Pyramid Schemes
• Recovery Pitch
• Travel
• Vacation
• Vehicle Warranty Package

Debit and Credit Card Providers

The newsletter also gives some useful links to credit card companies and the Interac Association, which runs the debit card system since frauds may often involve these. Here are the Visa, MasterCard and Interac fraud prevention web pages for both card holders and merchants.

Visa

• For card holders
• For merchants

MasterCard

• For card holders
• For merchants

Interac

• For card holders
• For merchants

Other Resources

Here are some other resources on scams in Canada you may find helpful.

• Consumer Scams in Canada from About.com
• Canada’s Office of Consumer Affairs (OCA) – Scams / Fraud
• Scam Forum a private forum to exchange news and views

Let us hope that all the above remains only a somewhat academic source of information for you and that you are never taken in by one of these scams.  Some of these scams are very difficult to spot and can destroy your life so it is important to be ever vigilant.

Post from: Senior Money Memos

Scams in Canada

Technorati Tags: Canadian Banking Association, CBA, RCMP, scam

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Given the current economic hard times, there is heightened interest in personal finances and of course, in money.  Not surprisingly books on money are also more popular than usual. If you are searching for a book on personal finances or money, then you have come to the right place.

Senior Money Memos has its own Personal Finances Bookstore.  It is reached via the navigation tab at the right of the menu bar.  If you cannot find your desired book on money there, then perhaps you may find it among some of the money books listed in this post.

For a start, here are five books that have their fans.

• The Wealthy Barber, Updated 3rd Edition: Everyone’s Commonsense Guide to Becoming Financially Independent by David Chilton. Common sense money lessons from a fictional barber.
• The Millionaire Next Door by Thomas Stanley and William Danko. Reveals the seven surprising secrets of millionaires.
• The Intelligent Investor: The Classic Text on Value Investing by Benjamin Graham. The book that Warren Buffett called “the best book on investing ever written.”
• The Warren Buffett Way, Second Edition by Robert Hagstrom. Find out how Warren Buffett picks his stocks.
• Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich by Jason Zweig. What happens inside our brains when we think about money.

If you wish to build a money book collection, then here are some book lists that others have recommended:

• My Top Ten Money Books by Canadian Capitalist
• 5 money books to change your life from MSN – money
• 25 of the Best Books About Money by John Roth
• Money Books from United Diversity
• More money books from United Diversity

Finally if all else fails then you could search for your book at Amazon.  The search box here on the right lists all the books that Amazon has on money and is a convenient way to search for a specific money book title if you remember part of the title.

If you have a particular book on money that you think deserves a wider audience, then why not add a comment about the book.  Your help will be much appreciated.

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• Best Personal Finance Books for Your Library

Post from: Senior Money Memos

Books On Personal Finances and Money

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