The Family Tax Cut can change the way we think about which spouse should make the RRSP contribution. In a family situation where the non-refundable credits claimed by the higher-income spouse exceed the “adjusted taxable income” after splitting, the extra credits can be wasted.
Regardless of how much money you make, often times it seems it’ll never be enough. Fortunately, saving money doesn’t have to be as stressful an endeavour as you may think. There are numerous seemingly small habits you can implement, that will make a big difference in the long run.
- Look at everything from an overall portfolio perspective.
- Understand the importance of asset allocation.
- Calculate investment performance.
- Define a time horizon when making a purchase.
- Save more every year.
- Focus only on what you control.
- Delay gratification.
What is one lesson you wish your mom or dad would have taught you in regards to finances?
This new federal non-refundable credit will provide up to a maximum of $2,000 in tax relief to benefit one-earner or two-earner couples where one spouse’s income is taxed at a higher rate.