Money Matters

#MoneyMasterClass Recap–Week 18

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.

After Filing

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:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

2 Comments

  • A in Texas

    I did file my taxes and I did it by the original due date. Looking forward to May’s lessons as I’m a renter and I’m curious to see what I’ll learn this month.

    • A Sustainably Simple Life

      I’m looking forward to next May’s lessons too! I’m also a renter and am curious to see what she will focus on.

What are your thoughts? Let us know in the comments!

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