Jessica Barrett

Mar 28, 2024 | moneygenius.ca | Jonathan Lee |Jessica Barrett |Kristy DeSmit

Pre-authorized debits (or PADs for short) are a safe way to set up recurring payments electronically. These are agreements that allow vendors to withdraw funds from your chequing account at an interval specified by you. Here's a guide on how to set up pre-authorized debit payments, the pros and cons of doing so, and some alternatives. Pre-authorized debits are payment agreements you set up in which a company takes money directly from your bank when billing you.

Mar 21, 2024 | moneygenius.ca | Samantha Kohn |Jessica Barrett |Kristy DeSmit

A dormant bank account is a bank account that hasn't been used to make payments or receive deposits in an extended amount of time, usually 1 to 2 years. Every bank handles dormant accounts in a slightly different way, but generally, after a set period of inactivity, a bank will change an account's status to dormant. Before this happens, a bank will usually reach out to the account holder, attempting to re-establish contact and activity.

Mar 21, 2024 | moneygenius.ca | Samantha Kohn |Jessica Barrett |Kristy DeSmit

Paying bills online with a bank account essentially means transferring funds directly from your bank account to your account provider, which could be your utility provider, credit card provider, or the government to pay your taxes. Online payments can be made immediately or scheduled in advance, and they provide many benefits that go far beyond just convenience. Online bill payments are secure, thanks to the advanced encryption and security protocols banks use to protect your transactions.

Jan 8, 2024 | moneygenius.ca | Melanie Pitman |Jessica Barrett |Kalleigh Lane

Compiling and filing self-employed taxes in Canada isn't quite as straightforward as doing your personal taxes, but if you keep strict records and track expenses carefully, the 8-step process is fairly simple. Being self-employed requires more planning, organization, and understanding of the finer details of taxes in Canada than those who have typical employment status.