As higher interest rates bring up the cost of financing, one tax expert thinks Canadians might be more diligent about paying their tax bills or installments to the Canada Revenue Agency this tax season.
. However, self-employed individuals will have until June 15, 2023 to file.
“I think people are being a little bit more thoughtful about trying to pay tax bills and installments on time to avoid the really high-interest rates from CRA,” Martenstyn said. Scott Plaskett, a certified financial planner and chief executive officer at Ironshield Financial Planning, said in a phone interview with BNN Bloomberg Monday that concerns about missing the tax deadline are more common among self-employed individuals or people not on a typical payroll system. In a payroll system, he said taxes are commonly paid on behalf of the employee.
In order to pay for unexpected expenses, which might include paying taxes to the CRA, Plaskett said he recommends having an emergency fund in place. He said emergency funds have been less common in lower interest rate environments.
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