February is the Time to Start Organizing your Finances Every year I hear from constituents who have lost out on opportunities for grants and financial... Full Article
February is the Time to Start Organizing your Finances
Every year I hear from constituents who have lost out on opportunities for grants and financial assistance because they didn’t file their taxes on time. Often the reason for late filing has nothing to do with time, but a lack of organization that makes the filing process incredibly difficult. If you have been putting off getting your finances in order, February is the month to start.
Start by choosing a spot to keep your T-4 slips; by the end of this month, all employers are required to mail your T-4 slips to you. This includes T slips from the government for EI, CPP and Social Assistance income.
Next, start the habit of keeping receipts for certain expenses and purchases:
• day care, baby-sitters, after-school programs
• children’s sports lessons
• gym memberships
• monthly bus passes
• home repair and renovations
• prescription drugs, medical equipment
• charitable donations
When should you file? People know that the deadline for filing your regular, individual taxes is April 30th. But there are a few details to point out about Revenue Canada’s deadlines.
If you know that you will be getting a refund, and that you will not have to pay Revenue Canada anything, then you can file your taxes as early or as late as you want. The April 30th deadline does not apply if you are getting a refund. But be mindful that filing late will delay your Child Tax Benefit and GST Rebate for months.
If you owe money to the tax man, then it is vital that you file on time – even if you can`t afford to pay what you owe. If your tax return is not received by April 30, a penalty is applied to your account. Usually this penalty is hundreds of dollars. But if you file on-time and then pay the taxes later, no extra penalty is applied.
If you have questions about filing your taxes, please feel free to contact my office. We can walk you through it.
Having Money Problems?
Are taxes the least of your problems? February is a time of financial difficulty for many. The Christmas bills are overdue, the oil tank is almost empty and the property tax assessment is higher than last year. If you`re in deep debt on top of that, you may need the help to get back on track.
Here`s how the Nova Scotia Debtor Assistance Program identifies the signs of a serious debt problem:
• You use credit cards to purchase necessities such as groceries
• You borrow money to make it from one payday to the next
• You make only the minimum Payment on credit card and do not reduce the total debt
• You lose sleep worrying about money
• You and your partner argue often about money
• Your wages have been garnisheed to pay outstanding debts
• Your utilities (power, water, oil, phone) have been cut off
If any of these situations seem familiar – especially if this has been going on for months – then you need help with your debt problem.
Call Nova Scotia Debtors Assistance to arrange an appointment 424-5200.
