Now’s the time to reduce your tax bill for next year

  Do you have a hefty Personal Income Tax amount o […]

Now's the time to reduce your tax bill for next year

Image(s) licensed by Ingram Publishing

 

Do you have a hefty Personal Income Tax amount owing this year? There’s not much you can do about this now except to pay it on time, but you can take steps now to avoid the situation next year.

Registered Retirement Savings Plans (RRSPs) aren’t for everyone but for many they are a great option for saving for your future retirement needs. The immediate benefit, however, is that RRSP contributions are tax credits and can reduce the amount of tax you owe or even result in you receiving a refund! Making RRSP contributions monthly, bi-weekly or weekly is an easy way to save for your retirement and a way to spread the cost of the contribution over the year.

Now is a great time to speak to your financial institution or your Financial Advisor to find out if an RRSP contribution could help you avoid a tax bill for next year.

Author: Christena Saunders

Christena Saunders is a mother of two who has worked in financial services for 12 years.

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