|  Questioning meal kit value during food inflation The latest inflation numbers this week show the cost of food from the grocery store is rising at its fastest pace in more than four decades. As Canadian families try to balance food inflation and their grocery budgets, Global News’ Sticker Shock series took a look at whether meal kits are worth the premium price. The cost to order pre-cut, pre-portioned recipes for your family is more economical the more you order a time, whether than be for a larger household or just extra servings. But while buying in bulk can save a few dollars per meal, experts say meal kits will push your budget higher than just buying the same ingredients from the grocery store. "They don't come into the picture from a point of view of saving money. They definitely come in from the point of view of saving time," Jainee Gandhi, a mother of two from Toronto, tells Global News. Where the model shines is in saving time for households such as single-parent families or those stressed for time, as well as when it comes to cutting down on food waste specifically. For more tips on how to cut down on wasted food — and by extension, money — read more here from Global News reporter Craig Lord. Check out our interactive inflation calculator to see the real impact of the rising cost of living on your personal finances.  Ontario gets failing grade in housing affordability Aspiring homeowners in Ontario have struggled to break into the housing market more than any other province over the course of the pandemic, according to new research. The new report by Generation Squeeze found that with current home prices, a new homebuyer in Ontario would have to work full-time for nearly 22 years to save up enough money for a 20 per cent down payment on a home — up from 15 years in late 2019. Over the course of Doug Ford’s time as premier, average home prices have risen 44 per cent, when adjusted for inflation. "Ontario has just completely lost control of housing," says Paul Kershaw, an associate professor at the University of British Columbia and the founder of Generation Squeeze, which studies housing affordability and standard of living across Canada. Kershaw says no level of government is singularly responsible for the housing affordability crisis, but that provincial governments are uniquely positioned to shape policy over the real estate market. Until home prices and values themselves are addressed, he says the plans being put forward by all major parties running in the election risk doing little to solve the issue. Read more here from Global News reporter Sean Boynton. Despite the erosion in affordability, some economists this week started to suggest that the cooling of housing in Canada could soon see the Greater Toronto Area market tip in the buyers’ favour.  Do we still need COVID-19 rules at airports? The long lineups and delays at Canadian airports have some in the industry suggesting that COVID-19 protocols are slowing things down for passengers. The Canadian Airports Council is calling on the government to drop random tests and public health questions at customs to ease the delays. Interim president Monette Pasher says airports aren’t equipped to run at full capacity with testing protocols in place. But experts say while COVID-19 rules might be a pain, it’s not time to drop them yet. "They are inconvenient but they are, at this time, still a necessity,” Dr. Craig Jenne, an infectious disease researcher at the University of Calgary, tells Global News. While the pandemic is different today than it has been over the past two years, we’re not back in a pre-COVID world, Jenne says. The threat of new mutations in the virus means surveillance measures need to remain in place for the time being. Other experts say there are arguments to be made for lifting some measures if there’s pressure from the air industry, but any tweaks to Canadian travel rules need to be backed up by epidemiological data. Read more from Global News reporter Aaron D’Andrea. ________________________ – THE QUESTION – “I started a small freelance business in 2020 and secured a GST number with the Canada Revenue Agency once my earnings exceeded the required amount. I paid the assessed value of GST following submission of my 2020 tax return in 2021 in a lump sum. At the time, I received paperwork saying I could pay by instalments, but to do so was optional. Following completion of my 2021 taxes, I again made a lump sum payment of the assessed GST. However, a short time later, I received an invoice for monies owing, stating that I was required to make instalments and therefore owed interest on GST not paid earlier in the year. How can this be so, if CRA states that instalments are optional?” — A Money123 reader “GST/HST instalments in many situations are not truly optional. If a taxpayer is an annual filer and their net tax for the previous fiscal year is $3,000 or more, they may have to make quarterly instalment payments in the current fiscal year (with additional special rules for first-time filers; whereby, first-time filers may need to make instalments in their second year, even if there was less than $3,000 owing in their first fiscal year.) The instalments are optional to the extent that CRA allows taxpayers to choose how to calculate GST/HST instalment payments based on the taxpayer's situation in one of three ways: 1. Special rules for the first-time filing; 2. instalment payments based on the previous year; 3. instalment payments based on the current year. To remit instalments based on option 3, taxpayers must estimate their net tax for the current year, if they expect that the net tax will be less than it was for the previous year. However, if a taxpayer estimates instalments based on the current year and the instalment payments are less than the amount that should have been paid, calculated based on options 1 or 2 above, CRA will charge instalment interest on the shortfall. Thus, using option 3 can often result in instalment interest being charged.“ -Paul Robey, CPA, CA, MBA, Partner, Capstone LLP Disclaimer: The information included here is general commentary and is not to be relied on or considered as tax advice. Each taxpayer's situation is different, and readers should consult with an accountant on all tax matters, based on their individual circumstances. ___________________________ Want your money question answered by an expert? Get in touch! | 
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