Hey there ,
Tax time is coming quick. I mentioned in a FB post several weeks ago, that sparked some great debate about paying less tax.
Though this is a tense time for accountants and some financial types, it is a important time to make sure you are prepared. This should be "money back season" for you. Maxing out on tax benefits & credits is an important strategy on making sure you NET more money. As I say in almost every YouTube video I create, "Its not how much you make, but how much you keep that counts." And paying less tax, means keeping more money in your pockets.
After all Canadians pay some of the highest taxes in the world! So paying less is very important. And as Donald Trump said in front of millions in the live debate with Hilary Clinton all those years ago, "I pay no tax because the system is rigged. And I know how to work the system."
It is a system. And it does favor those 'who know.' So... Know how to work the system. So here are some quick short tax tips and things to remember, I thought you should know.
| ||
|
- Any and all business expenses and receipts
| ||
|
I personally favor contributing RRSP's over TFSA's because you get more money back up front with RRSPs. Which then you can use to compound right now, and let time work its magic and compound again for you. (Einstein was rumored to have save 'compounding is the 8th wonder of the world'.) And once you max out your annual RRSP contribution room limit, then you can go nuts on your TFSA.
Prepare for these items and you will have an easy time at tax time. Plus these are all legal ways to claim allowable tax credits and pay less tax.
If you need any help, just let me know.
Enjoy!
Michael
0 comments