2018 is fast approaching, I swear I don’t know how the years end up going by so quickly! With only a few days left it’s important to make sure you’ve dotted your i’s and crossed your t’s when it comes to your finances. I’ve created a handy checklist to help you sort through and tick off these items with ease!
1. Determine your RRSP contributions needed to minimize income tax payable. You should be able to figure out how much tax you’re going to owe at this point. Play around with your RRSP contributions to see what gives you greatest refund. The Simple Tax calculator is great for estimating how big your tax bill is going to be. Read more »
For the second year in a row, our family has adopted the “no-gifts” mantra for the holiday season. Last year we jetted off to Mexico under the idea that instead of spending money on gifts for each other we, as a family, would channel those dollars towards a family vacation where we could spend time together. At first, I wasn’t certain how it would go over, when you’re trying to break a habit that has been going on for generations there can sometimes be push back. Every individual on the trip enjoyed it far more than they thought and the vacation wasn’t even over before we were planning for the next Christmas. This year we are off to Costa Rica to explore Central America, sans gifts.
I’m sure by now you’ve all seen the uproar on the internet about how CRA blocks your calls at least a third of the time. Now that my stint in public practice is over, I figured it would be a good time to share the tricks of the trade I’ve used to make dealing with the CRA manageable.
With only 36% of calls actually answered it’s no wonder Canadians are frustrated with the tax system. Not only is that big book (aka The Income Tax Act) extremely challenging to read, getting someone to answer your questions can seem like an even more daunting task! Read more »