When you look at your household budget, the amounts you’re spending on mortgage/rent, transportation, and food are usually top of mind. While all those expenses certainly matter, something else you should keep a watchful eye on is income tax. It’s the single biggest expense for most Canadian families.
For many Canadians, the unique events of 2020 have raised many questions about what their taxes will look like in 2021. With the disastrous effects of COVID-19, the previous year’s tax deadline was extended in 2020; however, in 2021 the tax paying deadline is once again April 30th. By keeping up to date with all the tax changes, you can help keep more of your money in your pocket where it belongs.
We are proud to present our updated annual 2020 TAX RETURN ORGANIZER™, your indispensable reference guide to help you save money by reducing the amount you pay in income taxes. Click here to read and print it.
TAX TIP If you cannot maximize your TFSA Tax-Free Savings Account contribution, that’s okay because what you don’t contribute gets carried over indefinitely. Remember to not over-contribute because you don’t want to be penalized 1% a month on the excess amount! Finally, don’t just treat your TFSA like a high interest savings account. You can use it to hold investments like Mutual Funds, GICs, publicly traded stocks, bonds, ETFs and segregated funds. To obtain more information about your TFSA contributions and TFSA investing, please contact us now.