top of page
Search

Tax Tips

Writer's picture: Devon EthierDevon Ethier

If you are filing a personal tax return for 2016, you should know by now, or shortly, if you owe Canada Revenue Agency money or if they will be sending you a cheque.

You are probably pleased if you are receiving a refund instead of having to pay, but the less you receive as a refund from CRA, the better. You don’t want CRA to use your money all year and then pay you back your money without interest. If you make regular RRSP contributions throughout the year, you can complete a form with your payroll department at work to reduce the amount of tax that is deducted from each of your paycheques. So, you really could be keeping more money in your pocket each payday instead of receiving a lump sum after you file your taxes. Some people like the lump sum and use it as a bonus or for holidays, some use the refund for their annual mortgage prepayment without penalty, some use it to boost their TFSA (Tax Free SavingsAccount), but, consider this option that would put you in a better financial position at the end of the year. You could take the extra cash that you are savings every paycheck and putting it to use immediately; for example, increase your mortgage payment by that extra amount, contribute to your TFSA on a regular basis (same frequency as your paychecks) and you can dollar cost average into the markets and be making money all year, or, you could take the savings and invest in your own emergency or holiday fund and make a few dollars in interest. Take charge of your financial future in 2017, call an advisor today!

0 views0 comments

コメント


image.png
image.png
image.png

Important Disclosures

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.

​

This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

 

Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc.  Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.

bottom of page