{"id":242,"date":"2020-02-13T09:04:22","date_gmt":"2020-02-13T17:04:22","guid":{"rendered":"https:\/\/www.speedycash.ca\/what-does-my-payday-loan-mean-for-my-personal-taxes\/"},"modified":"2025-08-05T19:21:42","modified_gmt":"2025-08-05T19:21:42","slug":"what-does-my-payday-loan-mean-for-my-personal-taxes","status":"publish","type":"post","link":"https:\/\/ppspeedy.com\/blog\/what-does-my-payday-loan-mean-for-my-personal-taxes\/","title":{"rendered":"What Does My Payday Loan Mean For My Personal Taxes?"},"content":{"rendered":"\n
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What Does My Payday Loan Mean For My Personal Taxes?<\/h1>\n\n
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 <\/span>Tax season is fast approaching and it is easy to become overwhelmed with information regarding what you can and cannot claim when filing your personal return. If you\u2019re like many Canadians who have obtained a payday loan, your main question may be, \u201c<\/span>What does my payday loan mean for my personal taxes<\/span>?\u201d<\/span> <\/span><\/p>\n\n\n\n

 <\/span>Does a payday loan affect my personal taxes?<\/span><\/b> <\/span><\/p>\n\n\n\n

 <\/span>A payday loan is <\/span>similar to<\/span> a personal loan, in that you pay interest on the amount owing. Whether you borrow from a <\/span>payday loan service<\/span> such as Speedy Cash or banking institution, you don\u2019t own that money \u2013 it remains the property of the lender. Since you are not earning income on the interest, you do not have to claim it on your personal taxes. So, to answer the question, \u201c<\/span>What does my payday loan mean for my personal taxes<\/span>?\u201d the answer is simply, nothing!<\/span> <\/span><\/p>\n\n\n\n

 <\/span>Can a payday loan help my taxes?<\/span><\/b> <\/span><\/p>\n\n\n\n

 <\/span>While <\/span>payday loans<\/span> have a neutral <\/span>affect<\/span> on your personal tax return, you can \u2013 however \u2013 use a payday loan to pay any outstanding personal taxes you may owe. This way you can avoid interest being charged by the Canada Revenue Agency on amounts owing. A <\/span>payday loan<\/span> is a stress-free solution to getting back into the government\u2019s good graces.<\/span> <\/span><\/p>\n\n\n\n

 <\/span>Don\u2019t forget that taxes are due April 30. If <\/span>personal taxes<\/span> are filed late, there is a penalty of 5% on your 2019 balance owing, plus an additional 1% <\/span>of your balance owing for each full month your return is late, to a maximum of 12 months. Of course \u2013 it\u2019s best to get your <\/span>personal tax return<\/span> submitted on time so you can keep your hard-earned money where it best belongs \u2013 in your pocket!<\/span> <\/span><\/p>\n\n\n\n

 <\/span>Why should I file my taxes?<\/span><\/b> <\/span><\/p>\n\n\n\n

 <\/span>Some income sources, for example, Child Tax, CPP and OAS, require that you file your tax return each year in order to continue receiving the benefits<\/span>.  Speedy Cash is unable to loan on these income streams if they have been discontinued<\/em>, which can have a negative effect on cash flow.  But we are here to help!<\/span> <\/span><\/p>\n\n\n\n

 <\/span>A SPEEDY tax preparation service!<\/span><\/b> <\/span><\/p>\n\n\n\n

 <\/span>In British Columbia and Alberta, Speedy Cash is excited to announce that we will be offering <\/span>Tax Preparation services<\/span>! With our easy drop-off service, we encourage you to drop off your paperwork at one of our <\/span>locations and<\/span> let us handle the rest. Our seasoned Speedy tax experts will work on your behalf to ensure you get the most of your tax return this year. If we have any questions, we\u2019ll simply call you for clarification. <\/span> <\/span><\/p>\n\n\n\n

 <\/span>What\u2019s better, is if you drop off your tax paperwork before 1:00 PM PST, we guarantee same-day service! Now that\u2019s quick and convenient! Before you come in, head over to <\/span>our<\/span> <\/span>Tax Preparation information page<\/span> to view a checklist of everything you need to bring with you to get your tax return completed on time.<\/span> <\/span><\/p>\n<\/div>\n\n\n\n