“How can I lower my auto insurance bill during COVID-19 lockdown?” + MORE May 2nd

If filing your taxes before the deadline went over your head this year, procrastinating can make things worse.
Unlike sales tax, which you pay on the spot, 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 this, though. So, if the tax filing deadline sneaked up and passed you, here are a few things to keep in mind.
Better to File Late than Never
Some people may neglect to file one year and then freeze when it comes to the next year’s tax return because of prior mistakes.
If you owe the government money, this type of procrastination can hurt you financially. The Canada Revenue Agency (CRA) 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. When the CRA notices your absent tax return, you may end up owing penalties and interest.
If you notice your mistake before they do, 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…

Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and more. 
All of these variations on the retirement theme have been built on a relatively steady set of economic conditions and assumptions: that housing and financial markets will remain stable, the economy will continue to function, and Canadians will continue to pay the Canada Pension Plan premiums and income taxes that keep CPP and Old Age Security payments flowing. 
But what happens to retirement when the world is grappling with a global pandemic and the resulting worldwide economic fallout? Here are three ways the coronavirus could reshape retirement in Canada. 
The movement towards “early retirement” will dwindle as employment security drops—and the average retirement age creeps up
Many of these newer approaches to retirement assume that if retirement goes wrong, retirees have fallbacks to rescue their finances, whether that’s returning to paid employment, harvesting home equity, or counting on continued asset growth to help meet budget shortfalls…

On April 8, 2020, the Insurance Bureau of Canada released the following statement:
To help Canadians cope with the financial impact of COVID-19, the Insurance Bureau of Canada (IBC) member companies are offering substantial consumer relief measures. For consumers whose driving habits have changed significantly, IBC member companies are offering reductions in auto insurance premiums to reflect this reduced risk. IBC expects this could result in $600 million in savings to consumers. The reductions will continue for the next 90 days.
Additionally, insurers have supported Canadians and businesses who are most adversely affected by honouring requests to defer auto insurance premiums. Thousands of Canadians have had their premiums deferred.
The Insurance Bureau’s grand general statement, and the imprecise media reporting that followed, contributed to confusion among Canadian drivers. Yes, $600-million is a whole lot of money, but it has to be divided among more than 20 million personal use vehicles registered in Canada, for a rough average of $30 per vehicle…

April 30 lost its infamous place in the spotlight this year, given that the federal government has extended the traditional income tax filing and payment deadlines to help Canadians affected by COVID-19.
Most of us get an extra month to file, until June 1, 2020, and an additional four months to pay up, until Sept. 1, 2020, if there are any amounts owing for the 2019 tax year. While returns for self-employed filers are still due June 15, as is the case every year, those with 2019 taxes owing also have until Sept. 1 to remit payment, instead of the usual April 30 deadline.
Still, many Canadians are unclear about the details of these changes. For example, if you take the payment extension, will penalty and interest charges apply? And what’s the deal for self-employed filers who collect and remit GST/HST?
So, we researched the new Canada Revenue Agency guidance and spoke with Nicholas Cheung, CPA, CA, a Toronto-based accountant and financial educator, to get answers on these and other frequently asked tax-filing questions…