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Tax Refund

How We Spent Our Tax Refund This Year

Some time ago on this site I offered up a question for readers to consider:  What would you do with $1,000? In that article I shared what I’d do with that tidy sum if it found me. Recently we got our tax refund back, a couple grand, so more than the “found money” I am referring to above.   A tax refund is a mixed blessing really.  On the good side, we were given money back.  On the downside, a tax refund means we just gave our government an interest-free loan over the last year.  On that note, I think getting a huge tax refund is ...
Tax Refund

How to spend your tax refund wisely

A great day has arrived; your tax refund is here!   Good on you, because you took advantage of tax credits, you contributed more money to your Registered Retirement Savings Plan (RRSP) and you claimed the GST/HST rebate this year. Now the vexing question – what on earth do you do with the money?  Instead of rushing out and buying that expensive new tech toy or blowing everything and maybe a bit more on a vacation, consider these alternatives or any combination of them to spend your tax refund wisely. Pay off credit card debt  Yes, maybe boring, ...

RRSP Fast Facts and Our Game Plan

Ok, I’m sure you already know the basics about the Registered Retirement Savings Plan (RRSP) – so let’s play a game of True or False. RRSPs are an investment product themselves so go out and buy some RRSPs now! You can only contribute in February and March when the banks start advertising for them. RRSPs are great because withdrawals will eventually be 100% tax-free like the TFSA. The RRSP contribution limit is $23,820 for the 2013 tax year with no exceptions. The RRSP contribution deadline this year is March 1, 2014, like it is every March ...

RRSPs make great “cents” if you manage the refund

I’ve been a big fan of the Tax Free Savings Account (TFSA) or what I’d like to rename the account as the Tax Free Retirement Account (TFRA) ever since the account was launched a few years ago. It’s easy to explain why: To date, individuals could contribute up to $31,000 into this account, Contributions into the account are not tax deductible but account withdrawals are tax-free, Investments held inside the account grow tax-free, There is no upper age limit for TFSAs. This doesn’t mean Registered Retirement Savings Plans (RRSPs) should ...

My Tax Season Considerations

In an odd way, perhaps to some readers, I enjoy doing our taxes.  I enjoy the computations and permutations that come with optimizing our tax return and deciphering our convoluted tax laws.  I also find it a humbling experience, messing up sometimes and figuring out what I don’t know every year – making improvements for the following year.   As with most things in life experience is the best teacher and you don’t learn a few things until you fall flat on your face a few times – doing your own taxes are no exception. Today’s post ...

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