This week’s focus was on filing taxes. With this focus, remember to keep in mind that Gail Vaz-Oxlade is Canadian, so some of her advice will be country specific.
Reminders to File
With the COVID-19 pandemic, the dates for filing taxes this year have been extended. For more information on deadlines, see this link: Income Tax Filing and Deadline Dates 2019
To sum up Gail’s reasons for filing:
1. It’s not optional. Filing taxes is mandatory.
2. It is the only way that you will qualify for certain benefits–such as the Child Tax Benefit or the GST/HST credit.
3. There are tax credits you might benefit from even if you don’t earn an income or didn’t pay taxes.
4. Filing taxes is the only way to get the Guaranteed Income Supplement or split pension income with your partner.
If you owe money after filing, Gail shared the lengths the government can go to to get their money back. She also pointed out that getting a tax refund is like giving away free money to the government in an interest free loan.
Tax Form T1213
Gail introduced the T1213 form, which is a way to reduce the amount of income tax that is taken off of your paycheque.
If you want to take a look at this form, here’s a link to the Canada Revenue Agency website: T1213 Form
Preview of the Next Couple Months
Gail gave us all a preview of the next couple months for the Money Master Class.
May’s focus = Shelter
June’s focus = Life Changes
Have you filed your taxes yet?
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Check out Gail Vaz Oxlade’s books here:*