Apr. 12, 2006. 06:45 AM ELLEN ROSEMAN What do tax tips and spring flowers have in common? They pop up in April. I've gone through my garden of money-saving tax advice and picked some of the prettiest blooms for your inspection" Don't pay interest on top of interest. If you owe money, the government will charge daily compound interest on your debt. This means you pay interest not only on the original amount you owe, but also on the interest that starts adding up. "If you can't pay the amount that's due, talk to your financial institution about a loan or a line of credit that charges a lesser interest rate than the Canada Revenue Agency," says lawyer Stanley Kershman, author of Put Your Debt on a Diet (Wiley). Ottawa can also charge you a late-filing penalty — and interest on the penalty. So, you should file your return on time to avoid penalties, even if you can't pay the amount due. Work out your tax factor. This is important to know when you're m
StratfordMortgageBroker.ca - Mortgage Wellness Subscribe to this News Feed