Cashing Out RRSPs Early Can Leave You With a Hefty Bill

RRSPs were designed to be long-term savings plans, but a recent study by Leger for H&R Block Canada showed 31 per cent of Canadians had withdrawn money from their RRSP or are considering it this year. If you find yourself cash-strapped now, it is certainly tempting to access that money, but there are some cautions to consider.

The CRA Wants to Help With Your Taxes -- But Only Online

The Canada Revenue Agency (CRA) shuttered its local inquiry and payment desks last October. The agency has abandoned the practice of mailing hard-copy tax return packages except by specific request. The Telefile system, which allowed Canadians with simple returns to enter their data over the telephone, no longer exists. In case you haven't gotten the hint, the CRA wants to deal with you online.