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How to open an RDSP Dec 19th
Jason Heath gets a lot of calls from clients about registered disability savings plans (RDSPs). Many are interested in setting up the plan, a tax-deferred savings vehicle for people with disabilities, because they’ve heard about the generous grants they can qualify for. The Canadian government wil.... More »
How to build a credit history while renting in Canada + MORE Oct 2nd
Being a young adult may afford you the freedom to live on your own. But for most people, that means renting a space—more than 80% of individuals aged 25 to 29 are renters. What’s more, younger Canadians who live in urban areas make up the largest group of renters, according to a study by RBC.... More »
The best ways to help kids financially Aug 8th
As a father of three and a financial professional, the coming school year, and the uncertainty attached to it, is very much on my mind. Even if your children, like mine, are still years away from post-secondary tuition fees, the sooner you start saving, the better your chances of reaching your finan.... More »
The best five-year variable mortgage rates in Canada + MORE Dec 12th
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Canada’s best credit cards for groceries
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Making sense of the markets this week: September 6, 2021 + MORE Sep 5th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
The rich get richer as rates go lower
We know that lower rates set by central banks help to stimulate economic growth by providing cheap money. On the flipsi.... 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…