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How Much Do You Need to Retire in Ontario? The Real Numbers (2026)

  Published: April 2026 | Reading time: 12 min | Category: Retirement, Personal Finance, Investing "How much do I need to retire?" is the most important financial question most Canadians will ever ask — and most people either avoid it entirely or guess wildly without doing the actual math. The honest answer is: it depends. But it depends on specific, calculable things — your expected spending, your government benefits, your housing situation, and when you want to retire. None of these are mysterious. They're numbers you can figure out right now. This guide walks through the real retirement math for Ontario residents in 2026 — what it actually costs to live here in retirement, what government benefits you'll receive, how much you need to save, and the most common mistakes that derail retirement plans. The Short Answer Most People Want First For an Ontario couple retiring at 65 with a modest but comfortable lifestyle — no mortgage, occasional travel, reasonab...
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Taxes 2024: Seven Best Tips for Last-Minute Filers as the Tax Deadline Approaches

 


With the April 30 deadline swiftly approaching, time is running out for most Canadians to file their 2023 income tax returns. But fear not, procrastinators! It’s not too late to get started. I’ve gathered some essential tips to help you navigate this last-minute scramble:

  1. Understand the Consequences of Filing Late:

    • For employees, the deadline is April 30, while self-employed individuals have until June 17 (since June 15 falls on a Saturday).
    • Regardless of your employment status, ensure that any outstanding balance is paid by April 30. Failure to do so results in daily compounded interest at an annualized rate of 10%.
    • Late-filing penalties are even steeper for repeat offenders. If you owe money to the government, it’s crucial to act promptly.

  2. Claim All Deductions:

    • Common mistakes arise from “mistakes of omission.” People often forget to claim eligible deductions.
    • Use your previous year’s tax return as a reference to ensure you haven’t missed any potential deductions.
    • If you’re unsure about a specific line number, visit the CRA website for explanations.

  3. Use a Checklist:

    • Anxiety about being late can be overwhelming. Ease your mind by using a checklist.
    • TurboTax Canada provides a 2023 tax checklist to ensure you have all necessary documents.
    • Remember, late returns may delay payments for credits and benefits like the GST/HST credit and the Canada Child Benefit.

  4. Pay Attention to Deadlines:

    • April 30, 2024: The deadline for most Canadians to file their tax return. Pay any outstanding balance by this date to avoid penalties and interest.
    • June 15, 2024: Self-employed individuals have until this date to file. Don’t procrastinate!

Remember, if you’re due for a refund, there’s no penalty for filing late. However, the longer you wait, the longer your refund remains in the government’s hands. So, take that money and put it to good use! 

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