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Gas Prices Are High. Would a Federal Tax Break Make a Difference at the Pump? Jul 3rd
With U.S. president Joe Biden calling on Congress to pause federal taxes on gas and diesel for three months to help Americans, some Canadians are wondering if a similar initiative may offer a temporary reprieve from high prices north of the border.
As of May, gas prices in Canada are up 48 .... More »
TFSAs & RRIFs: What’s the difference between beneficiaries, successor holders and successor annuitants? + MORE Jan 23rd
A MoneySense reader writes:
I’m writing to ask about beneficiaries, successor holders and successor annuitants for TFSAs and RRIFs. What is the difference between these, and how do you choose the right one for each account?
FPAC responds:
When you have a registered account, su.... More »
Making sense of the markets this week: March 3, 2024 + MORE Mar 5th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. And Stephanie Griffiths was an award-winning investor for almost 20 years before returning to her roots in journalism. She is .... More »
What is a line of credit and what is it best used for? We make it make sense + MORE Oct 10th
If people are interested in opening a line of credit, money expert Jessica Moorhouse emphasizes the importance of gaining a full understanding of what you are signing on to before having it set up.... More »
The First Home Savings Account has some surprising benefits — even if you don’t end up with that home + MORE Apr 17th
The FHSA can be a good way for renters to save for a down payment even if they’re not sure about buying a home..... More »
Government Extends Tax Deadline in COVID-19 Economic Response Plan
– ratesupermarket.ca
In ever-evolving circumstances, Prime Minister Justin Trudeau has announced an $82-billion stimulus package to help Canadians and businesses amid the COVID-19 pandemic. These measures aim to stabilize the economy and support Canadians facing hardships.
The announcement comes as part of Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses, which highlights relief efforts.
What Does This Mean for Taxpayers?
To support Canadians during the COVID-19 outbreak, the Canada Revenue Agency (CRA) will defer the tax filing deadline for individuals and certain trusts.
New return filing due dates:
Individuals: June 1, 2020
Trusts with a taxation year ending on December 31, 2019: May 1, 2020
However, the CRA does encourage “individuals who expect to receive benefits under the [Goods and Services Tax Credit (GSTC)] or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.”
Deferral of Income Tax Payments
Taxpayers receive further relief as the CRA will also defer any income tax amounts owing until after August 31, 2020…