Learn more about Canada’s top banks rates, rules and the latest news – read on!
Canadians are using social distancing to prevent the spread of COVID-19. As a result, banks have closed their doors or reduced their hours of operation. Many Canadians are turning to technology to manage their finances instead. Naturally, this has caused a spike in the use of online and mobile bank.... More »
Even before COVID-19 began to dominate the collective consciousness, the possibility of negative interest rates garnered plenty of attention in the press. Just last year, in the midst of a U.S./China trade war, Donald Trump mused about the Federal Reserve heading into negative territory in order to .... More »
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
One of the most useful personal finance tools is your credit card. You can use it to buy products and services online, set up automatic payments, finance larger purchases, and start to build your credit history. However, you must use your credit card responsibly. While effectively managing your deb.... More »
Your credit score can affect your ability to get a credit card, personal loan, or low-interest mortgage. Everyone knows you should pay your bills on time to keep your credit score healthy. However, some aspects of credit scores can be confusing. Here, we’re busting seven common myths about your c.... More »
If filing your taxes before the deadline went over your head this year, procrastinating can make things worse.
Unlike sales tax, which you pay on the spot, 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 this, though. So, if the tax filing deadline sneaked up and passed you, here are a few things to keep in mind.
Better to File Late than Never
Some people may neglect to file one year and then freeze when it comes to the next year’s tax return because of prior mistakes.
If you owe the government money, this type of procrastination can hurt you financially. The Canada Revenue Agency (CRA) 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. When the CRA notices your absent tax return, you may end up owing penalties and interest.
If you notice your mistake before they do, 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…