Zoe Girard

COVID-19 Finance Tip: Keep track of your net worth. There are many apps that help you keep track of this or you can use a good old fashion spreadsheet (or even a notebook if you like putting pen to paper). Review your net worth quarterly to make sure you are going in the right direction. If your net worth keeps dipping, you are spending more than you are earning and need to make adjustments.

COVID-19 Finance Tip: Review the interest rates on all your loans, credits cards and other outstanding obligations and pay off the ones with the highest interest rate first. If the free credit tempts you, lower your available credit. Just remember, the credit bureau uses your credit utilisation for your credit score so try to stay below 50% utilisation of your available credit if possible.

COVID-19 Finance Tip Now is a good time to create a "Finance Calendar". Use a calendar that you use for other things (on your phone or your calendar associated to your email), and schedule your finances for the next year. Include a tax appointment, income and property tax payments, an annual credit check. You can even schedule a recurring event for your regular bills that are not automatically withdrawn.

COVID-19 Finance Tip: Review your auto and home insurance. Many insurance companies are offering rebates or reduced premiums if your commuting habits have changed. If your insurance is up for renewal, call to review your policy renewal with an agent. Some rates have been adjusted and you may benefit from the lower rates.

COVID-19 Finance Tip: Tax filing deadline has been pushed to June 1, 2020 but you have until August 31, 2020 to pay any amount owing. File your taxes as soon as you can and you can pay off the amount owing over several pay periods. On the bright side, filing early will also ensure no interruption in any credit you receive (GST, CCB, OTB, etc).

COVID-19 Finance Tip: Many of us have been caught financially unprepared for this type of emergency. Set aside a couple hours over the next few weeks to review your budget and create an emergency fund. As part of the exercise, list what is considered an emergency and when you can use the fund (ex: appliance breakdown, insurance deductible). If your income is unaffected, try to save extra funds that you would have spent on coffee, lunch and travel costs. If your income is affected, make an effort to save $10 or $20 per pay. Open a TFSA savings account that is not connected to your debit card for this fund. It may start small but any improvement is positive!

COVID-19 Finance Tip: Financial fraud is high right now. It's a good time to review your accounts and credit for issues or inconsistencies. Even if you haven't been financially affected by the current situation, you can order your credit report from Transunion and Equifax for free (online or by phone) to review what appears on your credit and ensure all your information is accurate and up to date!

I am available to complete your taxes remotely or via Skype/Facetime until social distancing restrictions are lifted.

If you are struggling financially due to COVID-19, mortgage lenders are offering up to 6 months of payment deferral based on your situation. Phone numbers for most lenders in image.

Filing Season Deadline Extensions In order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Cana...da Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined. The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.