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- Taxes may not be top of mind as you enjoy the festive season. But a little bit of advanced prep now, could help you come tax time in the spring, according to Robbie Brown, director of Advanced Planning and Services and the head of Wealth Management Taxation at Scotia Wealth Management.
www.scotiabank.com/ca/en/personal/advice-plus/features/posts.year-end-tax-planning-tips.html
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- Reduce Your Taxable Income with RRSPs
- Open A Tax-Free Savings Account
- Income Split with Your Spouse
- Take Advantage of Employer Pension Matching Programs
- Invest in Real Estate
A Registered Retirement Savings Plan (RRSP)is an excellent way to reduce your taxable income and save for retirement. By saving money in an RRSP fund, you protect that portion of your revenue from taxes as you’re only taxed on the income left after RRSP deductions. For example:if you earn $60K a year and contribute $5K to your RRSPs, you’ll be taxe...
This is a win-win investment vehicle if there ever was one, especially for anyone over 18 (or, in some provinces, 19). Investments you hold in your TFSA—such as cash, GICs, mutual funds, stocks, or bonds—let you earn interest, dividends, or capital gainswithout a tax hit. Tip: for 2023, the annual contribution limit is $6,500, but you may be able t...
Sharing or splitting pensionincome with your spouse lowers your income, and increases theirs. The idea is for one of you to reduce your tax liability without overly increasing your spouse’s to save on taxes together. Using a software like TurboTax Live Full Servicewill help to optimize this calculation for you. Note: not all pension income qualifie...
If your employer offers a pension program, these are essentially free retirement funds.Plans that offer you a pre-tax contribution option, will deduct your retirement contributions from your gross pay, and then calculate taxes to withhold from your remaining pay after the contribution (vs calculating the taxes to withhold from your gross pay, then ...
It’s no secret that real estate can be a great way to amass wealth. What’s just as good is that when you sell your primary property (not an investment property) the capital gainsyou make are tax-free! As long as you live in the space, without using it for any rental purposes, all that profit is yours. So, if you buy a condo for 500K and sell it for...
Dec 14, 2020 · Finding the answers can help you understand your unique tax situation, plan for the future, benefit from government incentives and — perhaps most important — save you time and money, and hopefully stress.
- File your income tax and benefit return. First things first, make sure you file your return! It’s important to file your return on time so that you can get any benefits and credits you may be eligible for!
- File your return online. This year, the CRA encourages you to sign up for direct deposit and to file your return online to get your refund faster and avoid any delays.
- Claim all your benefits, credits, and deductions. There are tax deductions, credits, and expenses you may be able to claim on your return. The CRA uses the information from your return, and your spouse’s or common-law partner’s return (if applicable) to calculate your benefit and credit payments.
- Enter all your income and COVID-19 benefit payment amounts. You should get your T4 slips from your employer by the end of February. You may also get slips from other payers, such as pension providers and financial institutions.
Nov 7, 2023 · Absorb that information for even a minute or less and it becomes obvious that taxes deserve ongoing planning and significant attention, not just during the predictable two times per year when planning articles appear and one is bumping up against filing or other deadlines.
- Kim Moody
- 11 min
Sep 21, 2022 · Tax planning shouldn't be something that only happens when you file your tax return. By investing some time to review your personal tax situation during the year, and especially as you near the end of the year, you may find some easy ways to save on your annual personal tax bill.
Sep 23, 2018 · Spending a small amount of time throughout the year to understand how new rules and legislative changes affect you, can help save time and avoid unnecessary complications when preparing your tax return.
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related to: Could a bit of advanced planning help you come tax time?Tax-Smart Investing Can Help You Keep More of What You Earn. Contact a Fidelity Advisor. Tax-Smart Investing Can Help Reduce the Impact of Taxes On Investments. Learn More.
