Max out Benefits, Tax Credits and Renewals

https://youtu.be/k4-9EpYKkS8Benefits: We pay into employer or self-funded benefit plans all year long. So, before they re-set for 2017, squeeze the most from your 2016 benefits. Tips:

• Call your provider to determine your remaining coverage for dental work, vision care, chiropractic, massage, physiotherapy and prescriptions.

• Make appointments with your health care providers, refill subscriptionsand order your contact lenses.

• Use up health care spending account dollars.

• If your vacation days can’t be carried forward, apply for them to be paid out or simply book the time off.

Tax Credits: There are oodles of tax credits for individuals and families that are captured in the calendar year. Tips:

• Visit CRA to explore what you quality for.

• Gather up receipts for medical, childcare, caregiver, tuition and self-employment expenses. You’ll need proof you actually spent this money.

• Make charitable donations by Dec 31st, 2016.

• Get a plan in place to top up your RRSPs come February.

Renewals: What do you pay into each year that automatically renews January 1st, 2017? Tips:

• Negotiate for better prices, terms and conditions on house, auto, life and disability insurance.

• Get rid of recurring payments that don’t offer value like expensive gym memberships that you don’t use or grocery delivery services that result in rotting foods.

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