The 2018 RRSP contribution deadline is rapidly approaching and the last day to make contributions is March 1, 2019. Why should you contribute to an RRSP? Contributing to an RRSP before March 1 lowers your 2018 taxable income and result in less income tax owing when you file your 2018 tax return. If you normally get a refund, a RRSP contribution can increase the size of your refund and if you generally owe tax, a contribution can help lower the amount owing.
CLICK HERE: 2018 RRSP Savings Calculator
Click above for a handy calculator to give you an estimate of tax you can save by making an RRSP contribution. If you’re not sure if you should contribute to an RRSP or how much to contribute, give us a call at 604-892-5131 to speak with one of our advisors.
We put together this infographic for 2015.
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.
Comedian Ray Romano once said, “Having children is a lot like living in a frat house – nobody sleeps, everything’s broken, and there’s a lot of throwing up.” But aside from being highly amusing calamities at times, families are also powerful economic unions which are subject to fairly complicated tax rules. Those that master the art of saving together become powerful economic units. There is no better time than post tax-filing season to review your opportunities and become important savings role models for your kids. Here are three teaching tips to help…
If you are under the age of 40 and looking for direction on how and when to save your money, ask yourself this important question: “What’s my ‘potential income’?” Knowing that answer can lighten future financial worries, so you can escape the work world when you want and enjoy your healthy, golden years.
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