A Fresh Financial Start + MORE Apr 28th

OTTAWA – Canadians are getting more time to file their taxes due to a mistake by the Canada Revenue Agency.
The deadline for most Canadians was set for the end of the month.
However, due to a human error, incorrect notification was sent to tax preparers last week indicating the deadline was May 5.
A spokesman for Revenue Minister Kerry-Lynne Findlay says the minister has directed her officials to ensure no Canadians are penalized for the CRA’s error.
Canadians who file their taxes before May 5 will not face any penalty.
CRA extended the deadline to May 5 last year after the Heartbleed bug forced a five-day shutdown of its E-file and Netfile services.
» 28 ways to pay less tax
» Reduce the risk of a CRA audit
 
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CALGARY – TransAlta Corp. (TSX:TA) says it’s cutting its workforce in its Canadian coal generating unit by 20 per cent as it works towards trimming annual costs by about $12 million.The Calgary-based power producer started the cost-saving initiative in January and it says a “large part” of the savings are already begin captured.It incurred about $7 million in restructuring costs during the first three months of 2015.TransAlta’s first-quarter net income fell nearly 45 per cent to $26 million, from $47 million a year earlier.Revenue for the quarter was $593 million, down 18 per cent from $775 million during the same period in 2014. — This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

(iStock)
OTTAWA – You’ve spent hours picking the perfect tile, countertops and cabinets.
You researched the best stoves, dishwashers and refrigerators.
Your budget is set and your favourite contractor is available.
Now you just need to figure out how to pay for it all.
Tony Tintinalli of the Bank of Montreal says it starts with examining the scope of your home renovation project, the budget and the required contingency fund.
“The most cost-effective way, if you’re going to borrow, is to use equity in your house,” said Tintinalli, BMO’s regional vice-president of personal banking.
Home equity lines of credit are generally the most popular way to finance renovations, with rates generally ranging from prime to prime plus 0.5 per cent. That’s compared to a regular line of credit, which could be prime plus three to four per cent.
“When we look at the home equity line of credit option, normally we can do larger amounts because we are taking the security, so not only are you able to get it at a cheaper cost, there’s more room,” said Tintinalli…

The first time I remember hearing about income tax was playing Monopoly as a kid. I hated landing on that space, because I had to pay rather than collect, but that was about as much I understood.