It’s Tax Season

Not sure what documents you need in order to file your taxes? Today I’ll share some tips on what you need, and how to make tax time easier for you.

At this time of the year, all your T4s are arriving in the mail. Be careful, these documents are very flimsy and it may look like there’s nothing in the envelope. What should you do once you receive them? Place all documents together in a large envelope or a folder; keep it in a safe place. When it’s time to prepare your taxes you’ll have all supporting documents you need in one spot.

If you have changed employers and changed your home address in the past year, you should contact your previous employer and have them send your documents to your new address. Come tax time, you cannot omit a T4 from a previous employer because of an address change. That’s not a valid excuse. The government will find out and you will be fined, and forced to pay interest on that fine. Remember it’s your, money keep it.

We are allowed to file electronically and it’s a great idea to take full advantage of doing so. While we are given the privilege of doing just that, the government can pull your name in a random audit. If you are randomly chosen, you will be sent a letter that will require you to forward all supporting documents to the government. Therefore, it is imperative you keep all documents even after filing your taxes.

One of my biggest concerns during this time, is with tax preparation companies. You are promised your refund as soon as they file your taxes. Be careful – in most cases, it is advertised that it’s free to get your refund the same day. What is often left unsaid is that your refund will be significantly smaller (they take a portion of it as payment for the quick turnaround). That means, if your refund totals $500.00, you may only take home $450.00. In some cases even less. I know it’s wonderful to get your refund as soon as possible, but if you have paid the company $65.00 to prepare your taxes, why not just wait a few days and get your full refund? Again, it’s your money, keep it!

Another way to save money on doing your taxes is to share the cost of the tax-filing program. You can split it with family and friends, making that $29.95 plus taxes significantly smaller. In fact, this is what I do. I have my family; a few friends and our taxman come over to my house. I prepare a big pot of spaghetti; we take turns sitting with him, while the others enjoy the spaghetti and conversation.

It’s fun, inexpensive, and get’s our taxes done properly.

As always, let me know if you have any questions. I’m here to help.



My Mother the Entrepreneur

My Mother the Entrepreneur

A student once asked me, “What is it that makes you who you are?”
“It must be your mother”, another replied.
I smiled and remembered my mother – the Entrepreneur

My Mother spoke about money like it had a life with a pulse and a heart beat. She had very strong feelings about money and several other things. I thought I’d share a few of the things she was passionate about.

She believed that a woman should always have a career, her own money, her own bank account, keep her father’s name after marriage, wear slacks when travelling and make sure to always cast her vote (since women were beaten by their husbands, fathers, and brothers), not to attend the suffrage movement which gave women the right to vote and that your wallet or purse should always be tidy.

She knew at all times how much money she had and how much she owed. Her money was placed in her wallet with the faces up and if she had a wrinkled bill she would iron it out until it was smooth. She believed that if you took care of money that money would love to be with you, therefore, you would always have money and increase your wealth.
To always be in debt, she believed, was a sign that you are not managing your money properly or that you are living beyond your means.

I grew up listening and observing her. She never ever left her bedroom without being made up and was always ready to face the day. The moment she stepped out, whether it was to her bakery, her grocery store or to communicate with her employees, she was on stage.

She gave her full attention to whatever project she had for the day. She spoke to us often about our behaviour and decorum, instructing us to walk with heads up high, no slouching, looking at people in the eye when speaking with them, that there were no stupid questions and to always remember that if you do not know the answer then you can only learn it by asking the question.

Her Entrepreneurship started after her marriage to our father. She began by making eggnog and topping it with the whites of eggs that had been beaten into a peak and sprinkled with cinnamon. In those days it was okay to consume as many eggs as one wanted and she began selling them every day at the factory owned by our father’s family. Eventually she included cakes made out of coconut and other special baked goods. On Fridays just before the men lined up to be paid, she would be back at the factory to collect her money – a minimum of five shillings just for 5 glasses of eggnog from each of the men and the cakes were extra.

The baking took off and my father built her a tiny oven. This eventually grew to a very large bakery where all of us children had to do our part. Some of us would get up at three am to wake the baker and drive him to the bakery, while others counted or delivered the bread to the shops and customers. From the bakery she opened a grocery store and a bar. Above the store was the dance hall where dances were held every Friday and Saturday nights. The businesses were very successful and she was able to share this experience with the community by employing families in the neighborhood.

My mother always saved 15% of her sales to build and develop her business ventures. Quite early in her career she decided she wanted to purchase land. This was in the late forties when women were still housewives, but not her. She was out there competing and pushing her plans. She spoke often about the time when she attended an event (the only woman, no less) where a parcel of land was being auctioned and she won. She said, “I had my money and I was prepared. I knew who the other bidders would be and they were shocked to see a woman there amongst all the men. I wanted the land more than they did. Then, I found out that I had more money to bid than they had. I came to win and was completely prepared to win that land. No one was going to out bid me.”

My mother continued increasing her net worth throughout her life. What was even more fascinating about her was that she also encouraged others to follow her lead. I often heard her telling the people who were renting homes from her, how they too could own their own home and went so far as to take them to the Credit Union to begin their savings plan.

Many people, when told that my mother was only 5’ 2” tall, were quite surprised. “She seemed so much taller!” they said. She was a formidable woman who always took the time to study her opponents and her plans. When she executed a plan it was well thought out. Her behaviour and attitude made you believe that she was tall and powerful.

She was a strong woman and amazing planner who was always writing, reading and thinking. She woke up early just so she could have time for herself and her thoughts. At 5am, she said, the world is still calm enough that you are able to think without being disturbed. She also believed that if you made a decision and the outcome was not what you expected, or wanted, that you should look at the experience and continue on the journey without looking back since you are not able to affect the situation any longer.

The businesses she started all those years ago are still thriving today – the plantation is running and the houses are being rented. She was a real pioneer who never stopped planning and developing new ideas which often came to fruition. The day before she died she was still giving orders to my brother telling him what should be done, when, who should do it, and how much should be paid.

Once when she was visiting Canada she told me that this place was a gold mine and with a little planning and some thinking – anyone could make it here.

Having had my mother share her life experiences with me made it possible to make the choices that I have made in my financial life. There are no regrets – just lessons learned and I am constantly learning and growing.

The young man from the beginning of this story, who questioned what, makes a person who they are, made me stop and think about who I am and what I have accomplished. I realized that it all comes from being the daughter of a woman of substance.

I spoke with my siblings about what the young man said to me that day. They all fell silent until one of my brothers said, his voice full of emotion, “She was, wasn’t she?

My mother taught me at a very early age about setting goals, making plans and working diligently to acquire them.

What kind of impression have you made on your children when it comes to managing money?

What are you doing to help your children set goals, work towards them and to stay focus on those goals?

Tessa- Marie Shillingford is the author of Controlling the Debt Monster. She is Personal Financial Planner, with a designation from the Institute of Canadian Bankers, and a Financial Counselor certified by the institute of Canadian Banker. She is presently a Program Facilitator of Financial Literacy at JVS Toronto. Tessa- Marie was employed by TD Canada Trust for twenty years in the retail section of the bank. During her tenure at TD Canada Trust she held various positions interacting with customers of the bank. As a Financial Advisor and Manager of Financial Services she led a group of Financial Advisors in helping customers of TD Canada Trust successfully manage their finances. Details of her book… Controlling the Debt Monster, can be found at