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By PAIP Canada staff

            After an eventful 18 months, many Canadians are starting to fear their mortgage renewals. Higher interest rates mean higher borrowing costs and higher monthly payments. In Canada, there are very few mortgages that go beyond the standard 5-year term.

By PAIP Canada staff

For the large majority of Canadians, the tax filing deadline is April 30^th of each year unless the day falls on a weekend. If that happens, then the deadline is extended by a day or two. For those who are self-employed, or have a spouse who is self-employed, then the deadline to file their personal taxes is June 15^th, but that doesn’t change the due date for all Canadians to pay their taxes for the previous calendar year. That date is April 30^th, for both self-employed individuals and those who are not self-employed.

By PAIP Canada staff

In the early 2000’s, Capital One aired an interesting commercial with the tag line “hand in my pocket”. It showed a well-dressed man in a suit with his hand in the pocket of many individuals. The commercial was meant to show the difference between other high interest credit cards and the Capital One credit card. It may have been a good commercial, but definitely annoyed a lot of people over time.

By PAIP Canada staff

            RSP stands for Retirement Savings Plan, and RSP plans are very valuable to many Canadians. At the present time, this is the only registered plan that provides taxpayers with a deduction on the amount(s) contributed into the plan. As an example, if a taxpayer earned $100,000 during the calendar year and contributed $10,000 into their RSP, then he/she would only be taxed on $90,000 of income.

By PAIP Canada staff

We’ve all heard these terms at some point, and in spite of knowing that they’re beneficial for us as taxpayers, most don’t fully appreciate the differences between these two items.