Taxes owing and unfiled tax returns are a serious issue in Canada. Canada Revenue Agency (CRA) has always taken a tough approach to individuals or businesses who are in arrears, either through unpaid taxes or having not filed returns. Filing tax returns is a statutory duty under the Income Tax Act (ITA) in Canada. Failure to do so can land you in trouble with CRA.
Canadians love their cars.
After lodging (rent or mortgage), cars are usually the average Canadian’s biggest monthly expense. Even in an era of expensive groceries.
This rather broad term can mean many things depending on the situation, the person in question or what the desired outcome is. It also is often misused by people when they are referring to a financial course of action.
Many people are living paycheque to paycheque these days. The reasons for this are various and complex, but it is causing many to drift inexorably toward genuine financial crisis.