Personal Savings getting you down? There are always smart ways to increase your savings.
My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected. Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had gre.... More »
No one likes to pay fees, but the rate you pay for your investments and how you pay them can be especially troublesome. Making the right decision for your portfolio can be the difference in how much money you earn over the long haul. When it comes to your Registered Retirement Savings Plans (RRSPs).... More »
Q. I moved from Vancouver to San Francisco about nine months ago, and still have two Tax-Free Savings Accounts (TFSAs) in Canada. One TFSA has $11,000 in it (and has an unrealized loss of $6,000) and is held at a local bank. The second has $23,000 in it and is held through a robo-advisor. However, .... More »
Saving up to buy your first home? Here’s why you should do it in a TFSA instead of an RRSP + MORE Dec 21st
Both allow your savings to compound tax-free, but for most younger first-time home buyers, the more flexible TFSA comes out on top..... More »
Table of contents GICs Bonds ETFs Mutual Funds If you’re using your tax-free savings account solely to deposit cash over the long term, Certified Financial Planner Trevor Kearns says you’re not using the TFSA to its full potential. You have more options (and better potential gains) than th.... More »
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…