Need tax-time tips? Ask this 8-year-old

Carlie Weinreb is only eight years old, but she’s already offering adults lessons in how to fill out their dreaded tax returns.

See Full Article

Weinreb told CTV News Channel that she started learning about taxes when she was five years old, with help from her Chartered Accountant father.

At a recent tax seminar at the University of Toronto Scarborough, Weireb used a whiteboard to show a group of adults how to calculate what they owe.

She broke it down into federal taxes, provincial taxes and the Ontario Health Premium, a surcharge of up to $900 paid by anyone in the province making more than $20,000 per year.

A seemingly confused audience member said he thought that health care costs were completely covered by provincial taxes.

“That’s a myth,” Weinreb replied.

Weinreb said her biggest tip for 2016 is that that those making up to $45,000, “aren’t different,” whereas those making between $45,000 and $90,000, “are happy” and those making more than $200,000 might be “sad.”

That’s because the Liberals cut taxes on the middle portion of income (from 22 per cent to 20.5 per cent) while raising the top tax rate from 29 per cent to 33 per cent.

Carlie’s next workshop scheduled for March 16 at Western University in London, Ont.

She said that if she gets paid, she intends to donate her earnings to a children’s charity. (That’s deductible, after all.)

Although she hasn’t yet decided what she wants to be when she grows up, Weinreb told CTV News Channel she hopes it will have something to do with math.


Latest Economic News

  • Analyst warns B.C. gas prices could soon hit a record high

    Economic CTV News
    VANCOUVER -- Drivers in British Columbia should brace for record high gasoline prices this summer and the financial pain has the potential to spread across the country, says a petroleum industry analyst. Dan McTeague of the online tech company GasBuddy predicts that beginning in April and continuing to September, gasoline prices across much of B.C. Source
  • Facebook shares fall as EU, U.S. urge probes of data practices

    Economic CBC News
    Facebook Inc. faced growing pressure on Monday after European and U.S. lawmakers called for investigations into reports that a consultancy that worked on President Donald Trump's campaign gained access to data on 50 million Facebook users. Source
  • Nordstrom Rack to open first Canadian store in Vaughan, Ont., Toronto to follow

    Economic CTV News
    TORONTO -- American department store Nordstrom is opening the first Canadian location of its discount Rack chain on Thursday. The 35,000-square-foot store will be situated north of Toronto at Vaughan Mills mall. It is promising savings of up to 70 per cent on products from 38 of the 50 brands already sold in its Canadian department stores. Source
  • Greenpeace says brands refusing to reveal palm oil sources

    Economic CTV News
    JAKARTA, Indonesia -- Greenpeace says several major household brands including Hershey and Johnson & Johnson have failed to disclose where they get their palm oil from despite vows to stop buying from companies that cut down tropical forests to grow the widely used commodity. Source
  • 'Took fake news to the next level': Facebook data whistleblower on U.S. election

    Economic CTV News
    NEW YORK -- A Trump-affiliated firm under scrutiny for inappropriately obtaining data on tens of millions of Facebook users created profiling algorithms that "took fake news to the next level," a former employee said. Chris Wylie said the firm, Cambridge Analytica, secured personal data in order to learn about individuals and then used it to create an information cocoon to change their perceptions. Source
  • Claire's files for bankruptcy, Canadian stores spared

    Economic CTV News
    NEW YORK -- Claire's, the mall chain that has pierced the ears of millions of teens, has filed for Chapter 11 bankruptcy protection in the U.S. but its Canadian and European stores are not involved. Source
  • Lightning fast wireless is on the way: here's how 5G will change life in Canada

    Economic CBC News
    The federal, Ontario and Quebec governments say they will spend $200 million to help fund research into 5G wireless technology, the next-generation networks with download speeds 100 times faster than current ones can handle. The so-called "5G corridor," known as ENCQOR, will see tech companies such as Ericsson, Ciena Canada, Thales Canada, IBM and CGI kick in another $200 million to develop facilities to get the project up and running. Source
  • Via Rail to launch process to buy new trains with federal funding announcement

    Economic CTV News
    ETOBICOKE, Ont. -- Via Rail is preparing to launch a process to replace aging trains on its main Canadian corridor after federal Transport Minister Marc Garneau announced funding Monday by the government. The national passenger service says it will launch a request for qualifications, followed by a request for proposals. Source
  • Facebook's sharp loss dragging tech company stocks lower

    Economic CTV News
    A sharp loss for Facebook is helping to pull technology companies lower as stock indexes decline in early trading. Facebook slumped 5.3 per cent early Monday. The company is facing new criticism following reports that a data mining firm employed by the Trump campaign improperly kept data on tens of millions of users. Source
  • Facebook shares drop more than 6 per cent on privacy concerns

    Economic CTV News
    NEW YORK - Facebook shares fell more than 6 per cent in morning trading as the social media company faced criticism following reports that a data mining company working for the Trump campaign improperly obtained and kept data on tens of millions of users during the 2016 election. Source