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
 credit cards

Tips for Paying Off Credit Card Debt + MORE Jun 15th

Credit card bills got you down? That’s the trouble with paying with plastic. It is easy to spend, but not quite as easy to pay off the debt you accrue – especially if you are only paying the minimum each month. Carrying too much credit card debt can make it harder to get a loan for a house .... More »
 mc

June 12 Update: Turo offer for Amex cardholders, new Centurion Lounge to open in Phoenix & Air Canada Business Class sale + MORE Jun 13th

American Express is sending out an offer to many of its cardholders for $100 off a Turo car booking. Check your email for your specific promo code. I received the offer for the personal Platinum Card.Rendering of the new PHX Centurion loungeAlso on the American Express front, the company has anno.... More »
 credit card rates

June 13 Update: Earn up to 1,000 bonus miles or Avios with 9 airlines for Marriott stays in Europe & 8 new bonus offers Jun 14th

Travelling to Europe this summer? There are a whole slew of bonus airline mileage offers for stays at Marriott hotels! These are usually good offers for those who do not utilize the Marriott Bonvoy program - ie you only stay at one of Marriott's 30 brands very infrequently! We summarize the offe.... More »
 discover

Earning Stories: Completing the Wyndham Rewards Elite Status Match Challenge Jun 22nd

Back in the fall of 2018 Wyndham Rewards launched an elite status match offer to elite members of competing hotel chains. Earlier this year Rewards Canada's contributing road warrior Bill W  decided to try the status match and it's accompanying challenge to keep that status. Seeing that Bill st.... More »
 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 »
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!