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Tax Deadline 2009, Another Rate Drop and Weekend Reading – April 24, 2009

Tax Deadline 2009 (tax year 2008)

A quick reminder that the deadline (for Canadians) to file personal income tax for tax year 2008 is April 30, 2009.  If you have a small business, the deadline to file is June 15, 2009.  If you owe CRA money (like me), the deadline to pay is April 30, 2009.

Prime has fallen again!

The Bank of Canada has dropped interest rates by another 0.25% and the big banks have dropped prime accordingly (2.25%).  According to their press release, BOC plans to keep rates low deep into 2010.  Does this news affect if you’re going fixed for variable?  For me, it gives me a little comfort in holding onto my discounted variable rate until it expires in 2 years time.

Some good reading..

This weeks Carnival of Personal Finance was hosted by Mighty Bargain Hunter. We submitted the saving strategy to bank your raises.

Canadian Capitalist lists some favorite money books.

Pinyo is at it again with another site. This time, it’s a headlines aggregator called Great Nexus.

Preet writes about the importance of low portfolio turnover.

Lazy Man and Money shows us how to save money on moving.

The Dividend Guy gives us 5 steps in choosing the right etf.

Generation X Finance has a poll on long term care.

Four Pillars writes about tricky deals.

The Digerati Life gives her tips on haggling.

Canadian Dream evaluates the common question “What do you do?

Sun’s Financial Diary evaluates Morningstar’s new chart tool.

Thicken My Wallet shows us how REITs are doing.

Money Smart Life gives us baby tips on life.

Michael James on Money writes about dealing with variable income.

My Dollar Plan lists 16 of her financial tips.

The Financial Blogger gives us examples of where credit insurance can be useful.

Frugal Dad lists 5 strategies to make your home more productive.

The Moneygardener thinks that Canadian banks are currently overbought.

Brip Blap explains the real meaning of risk.

If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).

15 Comments

  1. Michael James on April 24, 2009 at 8:17 am

    Thanks for the mention. I`m in the happy position of not having a mortgage, but with rates so low, I’m tempted to try a little leverage.

  2. FrugalTrader on April 24, 2009 at 8:43 am

    Michael, did you pay off your mortgage early, or do you rent?

  3. Four Pillars on April 24, 2009 at 8:55 am

    Why is there a different deadline for small businesses? Aren’t they part of the same return as your regular income? That’s how I did it.

  4. FrugalTrader on April 24, 2009 at 9:02 am

    FP, I’m not sure as to the why, but I remember when I filed a couple years back, the accountant was pretty lax about my personal return (after April 30th) because I didn’t owe and I had a small business.

  5. Canadian Dream on April 24, 2009 at 9:43 am

    FT,

    Thanks for the link. Have a good weekend.

    Tim

  6. Four Pillars on April 24, 2009 at 10:01 am

    Ok – well it doesn’t matter too much. I’ve got my return filed and paid the money (like you!) :)

  7. Michael James on April 24, 2009 at 10:24 am

    FrugalTrader: My wife and I paid off our first mortgage in 4 years by doubling all payments and paying down the extra 10% allowed each year. We were very nervous about debt. We moved to a bigger house and got another mortgage, but it was fairly small and we disposed of it quickly again.

  8. WhereDoesAllMyMoneyGo.com on April 24, 2009 at 10:36 am

    Thanks for the love FT. (and the link) :P

  9. Thicken My Wallet on April 24, 2009 at 10:45 am

    Thanks for the link. From what I understand, you have until June 15 to file for corporate tax returns but if you owe money, interest accrues starting April 30 (I think). I usually file my taxes on April 30 for personal and business income just to avoid the confusion.

  10. Pinyo on April 24, 2009 at 10:57 am

    Learning something new everyday. I didn’t know Canadians have 15 extra days to file taxes. And thank you for mentioning Greatnexus to your readers — much appreciated.

  11. Canadian Capitalist on April 24, 2009 at 11:36 am

    Thanks for the mention FT! And congrats on The Star mention. Cheers!

  12. cannon_fodder on April 24, 2009 at 12:27 pm

    I haven’t done my taxes and the weather is going to be fantastic this weekend. I believe I’m getting a small refund so then the deadline is not a concern.

    But, if I’m wrong…

  13. moneygardener on April 24, 2009 at 11:49 pm

    I appreciate the link FT! Have a good weekend.

  14. Canadian Finance on April 27, 2009 at 11:40 pm

    I still believe that a fixed rate is the way to go on a new mortgage. But your right FT, in your case, stick with what you have. You might be mortgage free before the rates move up!

  15. InvestAssetWealth on April 28, 2009 at 8:48 pm

    Four Pillars,

    An incorporated Canadian Controlled Private Corporation has up to 6 months after their fiscal year end to file income tax. A Sole Proprietorship on the other hand must file their income tax alongside their personal return, by the regular end-of-April deadline.

    3 cheers for low interest rates!

    InvestAssetWealth

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