I can't believe we are at the end of 2023. It didn't seem so long ago when we entered the new year 2023. For this month, I will post my top 3 most viewed reels on my Instagram account. Here they are in reverse order.

Number 3
Summary of June 2022 Tax and Money Tips
- Watch out for post-assessment letter from CRA, asking for proof of your tax claims. Respond as soon as you can. 
- June 15th is deadline to file your 2021 taxes if you or your spouse/common-law partner are self-employed. 
- To charge or not charge GST? Understand when you need to register and start charging GST. Go to 
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/when-register-charge.html

I posted a reel on June 12, 2022 and it has more than 3,000 views. The general information still applies even though we are not in 2022 anymore. 


Number 2 
Procrastinators, good news for you! You have extra TWO days to file your taxes. Deadline is May 2, 2022, so make sure you file on time. Yay? Please do not wait until May 2nd to submit your taxes.  June 15: If you or your spouse/common-law partner are self-employed, your deadline to file 2021 taxes is June 15th. However, any balance owing is due May 2nd. Don’t forget to pay your GST owing too. 

This reel was posted on April 1, 2022 and generated 2nd highest views at more than 4,000 views. Again, the main information is that if April 30th falls on a weekend, the Canadian tax deadline is moved to the next business day. 


Number 1
Always check your receipts, bills, invoices, statements, etc.       
a. Check to see if items listed are what you purchased.      
b. Check to see if the numbers add up correctly. For example, I usually try to do a quick scan of my receipt after grocery shopping (before leaving the store) to see if all items shown are what I purchased and the price is correct. 
Checking receipts has saved me some money - sometimes a little (less than $10), sometimes quite a bit (more than $10). 

This most watched reel was posted on July 17, 2022, generating 5,006 views! 


Have you watched any of those reels? Which one had new information for you? If you are on social media, follow me on YouTube   Instagram   Facebook   LinkedIn   X 

Thank you again for reading. I wish you and your family a very Merry Christmas and a wonderful holiday season!

"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