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?
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Here's your Rewards Canada Daily update! Your daily dose (or near daily dose) of loyalty program, credit card and travel news, bonuses, deals and more. This update is brought to you by the HSBC World Elite Mastercard which is currently offering a welcome bonus of up to 70,000 bonus points a.... More »
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The.... More »
New offer for the CIBC Dividend Visa Infinite Card - 10% Cash Back for first 4 months & first year annual fee rebate + MORE Sep 10th
CIBC is taking on TD premium cash back offers with their own offer on their CIBC Dividend Visa Infinite card. CIBC's offer is pretty much a match to TD with 10% cash back on $2,000 in purchases (so up to $200 cash back) and waiving the first year annual fee on the card. The only difference bet.... More »
Forgot to File Your Taxes Last Year? What You Need to Know
– ratesupermarket.ca
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…
