Forgot to File Your Taxes Last Year? What You Need to Know Jun 6th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
Latest News
 air miles

Amazon Launches Rewards MasterCard in Canada with Five Percent Cashback + MORE Jun 19th

  Canadians who shop online now have the option to open an Amazon Rewards MasterCard. The new card is the product of a partnership between Amazon, MasterCard and TD Bank. Mike Strauch, Country Manager for Amazon, announced in a public statement, “We are really excited to launch a new credit .... More »
credit card

Salmon parasite is world's first non-oxygen breathing animal - Space Daily + MORE Feb 27th

Salmon parasite is world's first non-oxygen breathing animal  Space DailyScientists discovered the first animal that doesn't need oxygen to live. It's changing the definition of what an animal can be  CNNBiologists Discover Animal that Lacks Mitochondrial Genome, Doesn't Need Oxy.... More »
 visa

September 11 Update: Air Canada upgauges Ottawa-London while cutting Ottawa-Frankfurt, Amex adds Vancouver's TransLink as a merchant & much more! + MORE Sep 12th

Yesterday we brought you the news that Lufthansa will be launching new flights between Ottawa and Frankfurt. At the time we wondered if Air Canada would continue their summer seasonal service on the same route. Confirmation came late yesterday afternoon that they will not fly the route anymore, t.... More »
 credit

How to Claim Eligible Medical Expenses in Canada + MORE Oct 22nd

It’s no secret that, as Canadians, we pay more than our fair share of taxes. Seemingly everything is taxed, whether it’s our income, our property, or the fuel we put in our vehicles. Just about everything we buy, in fact, is taxed. So it’s no wonder Canadians could use a little tax relief wher.... More »
Forgot to File Your Taxes Last Year? What You Need to Know
If filing your taxes before the deadline went over your head this year, 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 if the April 30 deadline sneaked up and passed you, here are a few things to keep in mind.
Better to file late than never
Did you just realize that you 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…

Continue Reading On ratesupermarket.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!