News of the day: National Bank beats expectations, late tax filing penalties, inheritance disputes, Loblaws’ tariff produce labels, savings struggle and more

It’s Wednesday, August 26. Here are the top stories we’re following today.

National Bank beats expectations on gains in capital markets and wealth management

National Bank of Canada’s net income for the three months ending July 31 was $1.30 billion, up 23 per cent from $1.06 billion during the same quarter last year, resulting in net earnings per share of $3.25.

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A taxpayer hit by CRA with late-filing penalties illustrates how multiple slip-ups can add up

If you don’t file your tax return on time, you can be hit with late-filing penalties equal to five per cent of any balance owing, plus one per cent of the balance owing for each month your return is late, to a maximum of 12 months. But, if it’s not the first time you’ve filed late, those penalties will get much worse, writes Jamie Golombek.