Forgot to File Your Taxes Last Year? What You Need to Know + MORE Mar 13th

Back in 2014 we put out an article that discussed why No Foreign Transaction Fees have not proliferated here in Canada. In that article we state the following:In general the Canadian credit card market is one of the most sophisticated and ahead of the times, our cards have pretty much maxed out on the rewards and benefits they offer. That’s why the trend in the last couple of years has been first year free, enhanced travel benefits (think The Platinum Card from Amex, the Amex Air Miles Reserve, TD and CIBC Aeroplan Visa Infinite Privilege) as the adders or differentiators for new or revamped cards. Now that those are being maxed out what’s left? No Foreign Transaction fees is one for that matter and as we stated a few years ago the first major card issuer to go this route stands to take a big chunk of the Canadian market. Will they lose revenue? Possibly as we don’t know the actual numbers card issuers make off the fee but possibly not, there could be an equal trade off, the loss of revenue from foreign transaction fees could be made up by volume as the more cardholders you have the more transactions there are and of course the banks make money off each of those transactions…

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These days, if you want to be able to buy a house later or get a good deal on your insurance rates, you need good credit…

If filing your taxes over the next few weeks isn’t on your calendar, it certainly should be. Tempting as it may be, this is one area where procrastinating can only make things worse.
Unlike sales tax, which is a pay-at-the-pump proposition, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up.
Not everybody does though. So before the April 30 deadline sneaks up and passes you, here are a few things to keep in mind.
Better to file late than never
Simply forgot to file last year?
Some people may neglect to file one year and then freeze when it comes to the next year’s tax return because of the old unfiled return.
This type of procrastination hurts since the Canada Revenue Agency will monitor your financial behaviour over time, using identifiers like your SIN and your date of birth to access data from your bank accounts or credit card transactions.
At this point, it’s best to contact the CRA to find out any penalties you may have incurred, as well as the best way to file and pay off your outstanding balance immediately…

If you still have unpaid credit card bills from a business you closed, you need to take care of it before assuming new liabilities

TORONTO _ Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels.
Equifax Canada says consumers now owe $1.821 trillion including mortgages as of the fourth-quarter of 2017, marking a six per cent increase from a year earlier.
Although nearly half of Canadians reduced their personal liabilities, roughly 37 per cent added to their debt to push the average amount up 3.3 per cent to $22,837 per person, not including mortgages.
The fresh numbers come as an international financial group owned by the world’s central banks says Canada’s credit-to-gross-domestic-product and debt-service ratios show early warning signs of potential risk to the banking system in the coming years.
The latest report by the Bank of International Settlements says Canada’s credit-to-GDP gap and debt-service ratios have surpassed critical thresholds and are signalling red, pointing to vulnerabilities…