Financial Literacy Month - November 2023 Prudent Money Coach Tax and Money Tips

Photo by David Clode on Unsplash

"We remember those who volunteered, sacrificed, served, fought, and died, for our freedom. We thank you, and we salute you as we salute those who made the ultimate sacrifice for our freedom. We will never forget. We will remember you."
Source: http://www.stpeterbrantford.ca/news/moving-speech-citys-remembrance-day-service


November is also Financial Literacy month, so I'd like to share some money tips that perhaps not many know yet.
1. Did you know that you can catch up on past 10 tax returns? This means for 2023, you can file taxes for the year 2013 to 2022, or submit adjustments if you find old receipts or other items you have not claimed. By the way, Canada Revenue Agency (CRA) will stop accepting individual tax transmissions on January 26, 2024 to prepare its system for 2024 Tax System. It will reopen around the third week of February. So, if you need to catch up on your tax filing, act now! If you need assistance, contact me.

2. Not too long ago, I read a question on a Facebook group: "Should I open an RESP for my child? I don't have much money."
For those in BC who have a child/ren: Did you know that you can open an RESP (Registered Education Savings Plans) with $0 money deposited and your child can get $1200 in BCTESP (British Columbia Training & Education Savings Grant Information)? Please utilize this government benefit. See here: 
https://www2.gov.bc.ca/gov/content/education-training/k-12/support/scholarships/bc-training-and-education-savings-grant

3. If you get charged a bank fee, a credit card fee, or similarly, you could request for the fee to be waived if it is your first offence, or one after a period of time (perhaps 2 years or more). Call up the bank, credit card, or the financial institution and request it. 

4. Yes, you can pay off your credit card balance before its due date. It may reduce your credit utilization and therefore increase your credit score, from Oct 12, 2023 Faith & Finance episode (https://www.faithfi.com/faithfi/churches-need-to-teach-about-money-6032).

5. And finally, here are some other resources that may be useful for you:
a. A 5-week personal finance newsletter course for newcomers, from Globe & mail:
https://www.theglobeandmail.com/investing/article-newcomers-guide-to-finances-in-canada-newsletter-course/

b. 2023 Year-End Tax Tips from Jamie Golombek (CIBC):
https://www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/year-end-tax-tips-en.pdf

There is so much information out there about finance. I appreciate your time in reading my monthly newsletter. Feel free to share it with others. If you are on social media, follow me on YouTube   Instagram   Facebook   LinkedIn   Twitter