Netfile Tax Reprieve
Freedom from having to pay taxes, for 5 more days, if you Netfile. This extension only applies if you are going to use Netfile to submit your return, and it only applies if you owe money. As was pointed out by someone, if the government owes you money, they don’t really care WHEN you submit your taxes (but you better be sure you are getting a refund before you procrastinate like that).
Shrinking Economy
Stats Canada reported that economic activity shrunk by 0.2% in February, and this was caused by shrinking manufacturing and wholesale trade, what caused this? Don’t know but it’s not a good indicator that the Canadian economy is going to “weather the U.S. downturn well” as has been said by a few economists. One month does not a downturn make, but it’s something to remember.
Interest Drops
This month is a new month, and for me, it means a complete month with lower interest rates on my Mortgage and my line of credit. TD’s prime lending rate is 4.75% right now and if you are curious what rates you can get on a Line of Credit, read Michael James’ essay on that topic, especially the comments, which are very telling as well. I will be taking this opportunity to make the same payments I always make and thus taking more principal off these debt devices.
Gas Prices at $1.20 per Liter
That is where they have been in the Ottawa area, and driving has been much more expensive. I am paying about $10 more a week for my car to drive (which is a 50% gain in what I was spending), just in gas costs also (not including car wear and tear and insurance). I am attempting to offset that by NOT buying coffee at work (yes I am attempting that again). So far this week, I have only bought 1 coffee, which means I have not bought about 8, so that is quite good (and it does add up to my goal of $10.00 or so). I will keep my readers informed of my progress.
Ottawa High Tech
Alcatel (ALA) announced some hefty bad numbers yesterday, with a 5th consecutive losing quarter. This combined with a warning on sales figures and fresh lay off talk, makes the Ottawa Tech sector a little more jittery this month. Nortel (NT) announces Friday morning, and there are concerns of similar statements from the former High Tech juggernaut.
What does this have to do with me? I live in this world, and a jittery world it is right now.
I don’t think this really matters, since you posted this after the deadline, but from the news reports I saw, people were still responsible for PAYING their tax bill before midnight, April 30th, even though they are able to file with netfile later, as you mention.
I think the late payment penalty is 5% of the total owed plus 1% a month after May 1st.
I’ll look for a link.
Here we go:
http://canadianpress.google.com/article/ALeqM5hl_-N-IuPZupwVStYMOINKVC39qw
When the elephant falls into the water the wave gets everyone wet. This is only the start its only going to get worse and the states keep on falling further down.