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Reduce your tax bill with these end-of-year tips

Budgeting, Education, Financial plan, Holiday Savings, Organization, Personal Finance, Real Estate, Saving, Spending, Taxes, Wellness

Reduce your tax bill with these end-of-year tips

Around this time of year I create my annual tax folder in Google Drive and begin loading up relevant documents such as my charitable receipts and medical expenses from the year. As new tax forms start rolling in, I keep them all organized in my…

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Are You Behind on Filing Your Taxes?

Missing the April 30 deadline could lead to a colossal waste of money. Here are some details to keep in mind.   Mark your calendars: Canada’s personal income tax deadline is April 30. That means weeks of fear, procrastination and guilt. The biggest worries I…

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3 steps to financial adulthood for students

Your student budget is beyond tight; books, tuition, lab fees, residence, food, cell phone, Internet, beer, parties and travel. But, if you don’t want to live on your parents’ couch when you graduate, you’re going to have to grow up financially.   Use your smart…

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What you need to know if you’re behind on your taxes

Are you behind on your taxes? Taxes are like Christmas. Each year the filing date is the exact same – April 30th. The anticipation builds, albeit negative, but it’s not like tax season is a surprise. The biggest reason I see people skip filing is…

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Thinking of paying off your HBP early? Think again.

Let’s face it. Most first-time home buyers need a serious financial boost for their downpayment so many turn to the Home Buyer Plan (HBP). With the HBP you and your partner can borrow up to $25,000 each, tax-free from your RRSP. You’ll have 15 years to repay…

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How to Make the Most of Your Tax Refund

Taxes for the 2016 tax year are due April 30, 2017 at midnight. So, if you haven’t filed yet, get on it! According to Canada Revenue Agency (CRA), the average tax refund in Canada is approximately $1,600 and a total of $127 billion is collected…

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What’s Missing From Your Tax Package

Even accountants loath tax season. So, it’s not a wonder why the rest of us cringe at the silly little stack of tax forms piling high on our kitchen counters. Get organized Rather than use the forms as a coaster for your coffee mug, gather them…

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What You Need to Know About the Looming RRSP Deadline

We’ve got answers to your  RRSP questions. Q 1. The RRSP deadline is looming and you might be feeling pressured to contribute, but is it always the right choice for everyone? Not necessarily. If you simply can’t afford to make an RRSP contribution because you…

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5 Steps to Keep Your Financial Plan Alive

We don’t want you to fall off the financial planning wagon so follow these tips: Put a reminder in your calendar. Every quarter your friendly reminder will pop-up and this gives you the chance to review your plan, see where you stand and course correct for…

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5 Simple Tips to Make Sure You Get What’s Yours this Tax Season

There is a saying that ‘a little preparation goes a long way’ and this is especially true when it comes to your taxes. Canadians can ease their burden with some end-of-year preparation and help maximize their return. Here are five tips to help prepare for…

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Max out Benefits, Tax Credits and Renewals

Benefits: 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…

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5 Steps to Building Wealth for Women

It’s dangerous and frankly irresponsible for any woman – rich, poor or anywhere in between – to not actively participate in managing her own money. Far too often I’ve seen powerful smart women put financial blinders on and defer to their partners or financial advisors…

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Top Reasons to File your Own Taxes

I used to dread tax time; mainly because taxes scared me. Taxes, the CRA, and my return were like a black hole of information that I didn’t understand. But, over the last few years, I’ve started to look forward to tax time and enjoy the…

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MeVest Money Tip: Top Ways to Earn Free Money

There is no such thing as a free lunch. But is there free money? YES! Perhaps not completely free of effort, but so close that it’s worth taking advantage of. 1. Rewards and Loyalty programs. Most retailers offer some sort of rewards or loyalty program,…

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Top 5 Easy Ways to Save Money on Taxes

Tax evasion is illegal, but avoiding paying unnecessary taxes is not. There are a number of totally legit ways to reduce your tax bill, which will help you protect your net worth. 1) RRSP Contributions Nearly anyone can have a Registered Retirement Savings Plan (RRSP)….

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