As I mentioned in a previous article, I will be giving out a few year end strategies that you can consider taking advantage of in order to take advantage of a few year end tax strategies.
Last time I discussed the first tip, which was spreading some joy, and what you can do to take advantage of this tip.
Today’s tip consists of you simply having to contribute to either your RESP or TFSA. Both of these accounts are important to any individual, and it is important that you maximize your savings in both of these accounts.
In respect to your RESP, as you know it is important that you prepare for your child’s future. Participating in a Registered Education Savings Plan will help you build a fund for your child’s future. This is something that you will not regret, and you will not only be able to save for a great cause, but at the same time enjoy a tax benefit.
A Tax Free Savings Account is definitely an important asset for anyone. Realistically, who does not want to save money, without having to incur any taxes on it? Seeing as the maximum per year is $5,000, you may want to consider putting in the maximum or at least as close as possible before the year ends.
By following the tips discussed, you will be able to maximize your returns for next spring, and accomplish a few financial goals in the process.