February 15th, 2010 by
young
It’s that time of year again! TAX TIME! If you didn’t get a chance to implement any of my 16 Tax Tips for Year End, don’t fret, my friend, there’s still time to get more money back from your tax return!
NOTE: These suggestions are for the Canadian Tax system. If you are claiming your taxes in the US, then sorry, this post ain’t for you!
I started filing my own taxes last year. Before that, I hired an accountant to do my taxes (my taxes were really simple) and paid about $125 for his services. He gave me a few good tips which I carried on to use for the next year, when I learned to do it myself. I decided to do my own taxes because:
- I didn’t want to pay someone else $125 when I could do it myself
- I didn’t have my own business so I couldn’t deduct my accountant expenses
- You care about your own money the most (using an accountant is kind of akin to hiring a financial adviser, right?)
- I wanted the challenge
(more…)
December 21st, 2009 by
young
I’m not actually sure what the current mistress count for Tiger Woods is, but last I checked, it was 16. I thought I would write up a post about the last minute tax tips before the end of the year to help decrease your tax burden for 2009.
This post isn’t really about Tiger Woods. Tiger Woods doesn’t live in Canada, anyway. He’s probably getting a lump of coal for Christmas because he hasn’t been a good boy this year. Anyway, here you go:
16 Last Minute Tax Tips:
(more…)
November 29th, 2009 by
young
Okay, what are they? To clarify, they are not mutual funds, but they can HOLD mutual funds. They are akin to the States’ 401 K.
Think of it as a grocery basket. Mutual funds, GIC’s (guaranteed income certificates), stocks, bonds all go into this grocery basket.
A non-registered account is like another grocery basket that holds the same items, BUT the downside is that any income you make on it is fully taxed.
I know I know, you’re thinking “hey but I’m only 24, why the heck do I need to think about retirement?? You may not be thinking about retirement now, per se, but you can start thinking about buying a home (Home Buyer’s Plan) OR going back to school (Lifelong learning Plan) in which case you can withdraw $25,000 from your RRSP for FREE- as long as you pay it back within 15 years (we’ll talk more about this later– stay tuned).
(more…)
20
comments