Money Smart - Lisa Matthews

03/21/2023

02/26/2023

Have you registered for a CRA online account?

I highly recommend it.

CRA is gradually moving to paperless. You will need to register your email with them. CRA will notify you via email that there is mail in your online portal. CRA will never put details in a personal email, just a notification that you have mail in your online portal.

Scammers are notorious so please be vigilant.

Once registered, remember to check your online portal at a minimum every month.

CRA conducts random audits requesting documentation to back up what you declared on your tax return. If you miss the request and your tax return is reassessed, you may find yourself facing a huge tax bill.

If this has happened to you, don't fret. CRA usually accepts late documents and will reverse the reassessment.

To summarize,

SET UP YOUR CRA ACCOUNT AND CHECK IT REGULARLY.

Cheers

Canada Revenue Agency (CRA) sign-in services. If you are a new user, you must register before you can use any CRA sign-in services.

02/26/2023

Wednesday is the deadline to top up your RRSPs.

The biggest bill you have is not your mortgage or car payment, it is income taxes.

We are very fortunate in Canada to have roads, schools, hospitals and many invaluable social programs. I believe we should all pay our fair share of tax...
..however, we shouldn't pay more than our fair share.

RRSPs are fantastic for lowering your tax bill.

Make sure you top up your RRSPs before end of day Wednesday March 1st.

Contact me to determine the amount you should contribute and where to put it.

05/19/2022

Some useful tips to help you combat inflation…..

Additionally, track your expenses. Do you know where your hard earned money is going every month? Do you reconcile your bank and credit card accounts and take action to eliminate hidden fees?

Message me privately for assistance anytime. ☺️💰🦋💞

With Statistics Canada reporting a 9.7 per cent increase in food costs over the last year, Canadians are being pushed to find ways to pinch pennies at the grocery stores. Here are some ways to save.

05/19/2022

When to begin taking your CPP benefits can be a confusing question. A trusted financial advisor can assist with making that decision easier.

One strategy that helps many get ahead of the game and amass a little more wealth in retirement….

…. Start taking your CPP benefits at age 60 and invest the full amount each month into your RRSP in a mutual fund positioned for long term growth. You will have 5 years of investing and growth that will more than offset the decline in CPP benefits by withdrawing early.

Talk to your advisor to find out what your best option is. If you don’t have one, message me. I’d be more than happy to help. 😊💵💵

02/22/2022

A mortgage renewal is your opportunity to renegotiate the terms of your mortgage at the end of your current term. It may also be a time to take advantage of current low rates before the end of your term. This is an important time to reassess your mortgage to make sure it aligns with your financial goals.

Consider the following:
When do you plan to pay off your mortgage?
Do you have plans to access equity in your home?
What’s tyour financial situation like?

For answers to these questions and more, PM me.

Happy TWOsday... 🙂

12/31/2021

Happy New Year everyone. I wish for everyone that 2022 will bring you immense joy and prosperity.

I saw this article and decided to share it again. Food is a very big expense in our monthly budget. Many Canadians are living paycheque to paycheque thinking there’s no where to cut corners to save for a $1,000 emergency fund let alone anything else. This Flashfood app may help.

Flashfood is an app that takes a grocery retailer's soon-to-expire rack and puts it in the hands of strategic shoppers who are looking to cash in. Users say it has saved them hundreds of dollars a month.

11/08/2021

This is a fantastic article. Another important tip is to start with a solid foundation. Ensure your income is properly protected. If a primary breadwinner passes away, you have not only unbearable grief to deal with but also the collapse of all your financial plans and possible ability to survive financially.

An emergency fund and will are vital first steps as well.

Connect with me anytime. I love to help. Just deciding to talk someone is the best first step no matter what your financial situation.

One step at a time…

🥰🥰🥰🥰

If you're in your 30s, then it's time for you to have a financial plan and start putting some money aside, writes CTV's chief financial commentator Pattie Lovett-Reid on CTVNews.ca.

04/28/2021

Recent polls suggest 20% of Canadians said they’re focused on accumulating wealth with no specific goal:

Pandemic uncertainty weighs on clients, recent polls suggest

04/28/2021

Not knowing a credit card’s interest rate makes it nearly impossible to develop a budget. Make sure you have a good understanding of exactly how much you’ll be spending!