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 will share a few tax considerations that have crossed my mind so far this tax season. Maybe you’re thinking about the same things?
- Have we contributed enough to our RRSP accounts this year, to avoid any additional taxes?
- Should we bother with an RRSP loan to maximize our RRSP contribution room? We’ve never done this before, with interest rates dirt-low maybe this is the year we try?
- How are we going to spend the RRSP-generated refund? Reinvest the money back into the RRSP accounts? Pay down our mortgage? These are our best options in 2014 I think.
- Why haven’t our T5s arrived yet? I need these.
- I can claim small business-at-home expenses to offset any blog income earned in 2013. Have I thought of everything? I need to review that tax guide again.
- When should I file my return? I’m looking at the end of March, if I get all receipts on time.
Any tax thoughts running through your mind already?