You can save thousands of dollars by filing all your family’s income tax returns together. If you file as a family, you can transfer deductions and credits amongst family members, split income for better after-tax results and even make better investment decisions.
Preparing your income taxes when your tax records are helter-skelter is a difficult, frustrating and exasperating task. To assure yourself of better results come tax-filing time, make January the month you organize not only last year’s records, but also this year’s.
Whether you file your tax return on paper or electronically, take a look at two new lines on Schedule 1 of the 2011 tax return. These changes may affect you.
The maximum RRSP contribution limit for 2011 is $22,450 If you did not use all of your RRSP contribution limit for the years 1991-2009, you can carry forward the unused amount to 2011. Therefore, your RRSP contribution limit for 2011 may be more than $22,450. The maximum RRSP deduction limit for 2012 is $22,970.
When discussing group RRSP investments with our clients’ we stress the following three simple activities to help them reap the greatest rewards from their registered savings plans: