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Why should you consider buying into an RRSP (Registered Retirement Savings Plan)?
It is a great way to save on taxes! Remember: this program is a tax deferral program, meaning that when you withdraw the funds at a later date, it is expected that you will be in a lower tax bracket. Once your money is in the plan it can grow and grow (thank you compound interest!) and again, you will only pay tax on the funds as you withdraw them.
Have questions?
Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!
Remember: you can get tax credits for making donations to your preferred party and candidate. These credits include:
75% of your first $300, 50% of anything between $401 and $750, and 33.33% of the amount between $751 and $1,275.
So, if you donate the full $1275, you’ll receive a tax credit of $650.
Note: this tip no longer applies to corporations. Corporations do however have up to 20 years to claim all unused contributions.
Have questions?
Give us a call at 905-571-2665 (BOOK)!
