May 5 is the extended tax-filing deadline this year
Every once in a while, procrastinators catch a break. Such appears to be the case for the one in five Canadians who still had not filed their calendar-2014 taxes as of the weekend.
(See the Hub’s Procrastinator’s Guide posted on Sunday/Monday, which touched on an H&R Block survey on last-minute filing.)
As I tweeted earlier today, due to a communications mixup where it had accidentally said the filing deadline was May 5th, the CRA now says it will honour that statement and officially make this year’s deadline May 5th, which is next Tuesday. You can find the short statement here on its web site and we’ve reproduced it below: Continue Reading…
My latest MoneySense column in the print edition of the magazine is now available online, entitled 5 Money Secrets to a Happy Retirement. Click on the link for the full column but note that Wes Moss is no stranger to the Financial Independence Hub.
Several of the books mentioned in the column, or books like them, have been featured here in the Hub’s Review section. They include (with links to the Hub reviews): Continue Reading…
One in five Canadians are scrambling to make this year’s tax-filing deadline, which is now just four days away.
You probably don’t need this site to remind you that the deadline is midnight this Thursday: April 30, 2015 is the last day for most Canadians to file their 2014 tax returns. (The American tax-filing deadline of April 15th has already come and gone).
According to an H&R Block survey, Canadians are master procrastinators when it comes to taxes. And the tax preparation firm is offering a free online solution to those same procrastinating filers.
3% won’t make the deadline
The survey revealed that one in five Canadians say they file just in time, with 3% saying they miss the deadline altogether. Who are the worst offenders?Continue Reading…
“Glad I saved up in my super-sized TFSA for these new shoes. These are almost twice as big as my old pair.”
By Jonathan Chevreau
Judging by the post-budget media coverage, Tax-free Savings Accounts or TFSAs are now a household name. Little wonder, with nearly 11 million Canadians enrolled in them. (For any American readers, the TFSA is the equivalent of Roth plans: no tax deduction going in but no tax going out. The TFSA was introduced in Canada in January 2009).
Seeing as the TFSA is shaping up to be a major political issue, this topic won’t be going away any time soon. On Twitter following the budget, I highlighted several note-worthy pieces that touch either on the mechanics of the new $10,000 TFSA limit, the political implications or both.
No, the big kahuna was the federal budget and – as part of the Findependence Trifecta I wrote about on Tuesday – the TFSA expansion. As regular Hub readers know, we were quick to make the extra $4,500 contribution and by Friday the papers were reporting finally that CRA had blessed the strategy of topping up the TFSA immediately. For instance, the Globe’s Bill Curry in CRA clarifies time line of new limit. And John Heinzl did a Q&A with CIBC’s Jamie Golombek on some of the mechanics of transferring securities in-kind from taxable accounts to TFSAs
Over at the National Post, columnists did a good job explaining the political battles that are swirling around the TFSA, Continue Reading…
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