Tag Archives: financial

Important Dates and Information for Filing 2012 Tax Returns

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  • Personal tax returns (except you or your spouse or common-law partner is self-employed) are due April 30th 2013 and any balance due has to be paid that day and otherwise interest will be assessed. Tax returns for self–employed and their spouse or common-law partner is due June 15th 2013 but balance due must be paid April 30th 2013.
  • You can file hard copy return or NETFILE or EFILE (EFILE can be done by tax preparer).
  • TELEFILE option is not available.
  • If you need a tax package (hard copy) you can order one from CRA and it will be delivered after February 4th 2013. The packages will also available to postal outlets and Service Canada offices from February 4th 2013.
  • The NETFILE transmission service will be open from February 11, 2013, until November 30, 2013, for the electronic filing of your 2012 personal income tax and benefit return. Tax returns filed via NETFILE must first be prepared using one of the 2012 commercial tax preparation software packages or Web applications certified for NETFILE.
  • List of certified software for NETFILE can be found here.
  • You employer has to provide your T4 slips by Feb 28th 2013.
  • Your investment provider or banks have to mail your T5 slips by Feb 28th 2012 and T3 slips by March 31st 2012.
  • You can log in to My Account at CRA to find your RRSP contribution limit. RRSP contributions made in the first 60 days of 2013 (i.e. contributions made till March 1st 2013) can be used in 2012 tax returns)

Sourced from http://canadianaccountanttips.blogspot.ca/2013/01/important-dates-and-other-information.html

Keep Your Finances in Check this Holiday Season

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– Five simple tips to avoid that dreaded post Christmas credit card bill –

The music, the lights, the jolly good cheer, oh the joys of Christmas! Generally, we as Canadians love the celebration of Christmas. It is a time for traditions, visiting loved ones, and spending money. Whether we want to admit it or not, with Christmas comes an indulgence of money spending. According to the RBC Canadian Consumer Outlook, Canadians will spend a total amount of $1,183 on gifts, entertainment, travel and decorations. So unless you are spending Christmas with the Kranks, the big question is: What small steps can you take to save money this holiday season?

Gift Buying:

The RBC survey suggests shoppers who plan on buying gifts are likely to shell out $629 on their purchases. Although it is hard to be frugal with the turkey dinner, gift buying is an area where a small amount of planning can go a long way. Here are five tips to help you save this holiday season.

#1- Create a list! We all know who the top five people are, but do we know who falls to the bottom of the list, or where it even ends? Creating a list will help you avoid feeling obligated to buy your great aunt Betty a gift. Be clear on who is prioritized for gift buying, and who is not. As for the people on the bottom of the list, perhaps a card with a family picture or even a visit during the festive season will be enough to show how much you care.

#2- Do not get caught up in the holiday cheer! For some of us the music in the department store, combined with the decorations, jolly sales person and the smell of Christmas in the air is just too much to handle. Before you know it you are in the hardware section buying that extra tool to top off your husbands collection. Be alert, know the signs, keep your head on straight and do not get sucked in! One way to avoid this problem is to try online shopping. Not only will you avoid the tempting holiday cheer, but the lines at the cash register as well. Be sure to check shipping times and do not click too much!

#3- Set limits with gift exchanges! Do not be afraid to tell family members and friends that this Christmas the gifts should be $20 maximum. Although you may feel like the cheap scape of the group, it is guaranteed that nobody will challenge your suggestion. Not only does it help you to avoid that awkward moment when she spent $50 more on your gift than you did on hers, but it allows people to be creative in their gift selection, generating somewhat of a challenge for those involved. In all reality, it is easy to find nice $50 gifts, but with a $20 limit you will have to think a little harder!

#4- Buy in advance! This will allow you to avoid that tempting holiday cheer, those long lines, and that last minute run to the mall because you forgot about Uncle John. Buying in advance will help you to keep your priorities straight and save money. Throughout the year keep an eye out for end of season sales, promotional events, and discounted prices. Stop at the bargain bin each time you go to the drugstore to look for stalking stuffers. A little here and there can add up to big savings!

#5- Do not be afraid to get creative! Homemade gifts are not cheap, they are thoughtful and creative. With Pintrest at your fingertips there are tons of Christmas gift ideas that do not require you to have the talents of Martha Stewart. Not only can making gifts save you money, they can be a fun way to engage with others and spread the Christmas cheer. Set up a craft night with your kids or friends, turn on the Christmas carols and get out the glue gun. Let’s face it, Grandparents can’t help but smile when they open that ornament made by your 6 year old.

 

Monthly Financial Routines

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The power of routine extends far beyond the realm of a healthy mindset. Every component of your life can be improved by adding a small amount of structure, especially your finances! You may have a budget already set in place and you may already be following a financial action plan, but there are many different ways to get creative when it comes to money management. A routine that is executed at the beginning, middle, or even the end of each month can be surprisingly helpful when it comes to staying on your feet.