Did you know? When claiming meals and entertainment expenses, be sure to write down the name of the person you were with, for example, “potential client Jane Smith.” Getting into this habit will help to audit-proof your return.
Why should you consider buying into an RRSP’s (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.