|Why should you consider buying into an RRSPs (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.
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Have you had to take prescription medication (that aren’t vitamins) that you don’t have coverage for? You can write off any prescription medication that you took this tax year, before December 31st. You can also claim medical insurance that you have purchased for an out-of-country trip!
Have questions? Send us an email at info@BooksInLine.ca!
|Did you know?|
Even if your business income is low, be sure to claim all your business-related expenses. Any business loss can be carried back 3 years or forward 20 years. Those earlier or later returns can then be reassessed to include the business loss and you could be eligible for an additional refund.
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