5 tips to make sure you do better on your taxes next year!Submitted by Helkie Financial & Insurance Services Inc. on May 8th, 2018
You have filed your taxes – Now what?
5 Tips for making sure you do better next year!
So how did it feel? Did you make more money in 2017? Did you learn anything? Did you pay too much tax? Did you save enough? If not, why?
Numbers don’t lie. And tax time tells you a lot about your financial health. Think of it like the financial scale you are required to step onto each year.
If you didn't’t hit your financial goals then now is the time to act. If you didn't’t save quite as much as you would have liked then make sure your monthly payments are increased or started. If you feel you paid too much tax then review where you can access more credits or deductions. If you haven’t changed your savings goals in a few years, now is the time.
Here are 5 things you can do to make sure you do better next tax season!
1. Make sure you are saving AT LEAST 10% of your income, more if you are over 40
2. Automate payments to RRSP, TFSA and savings accounts
3. Increase those payments by AT LEAST 10% each year – (i.e from $500 to $550)
4. Look at your Notice of Assessment and see how much RRSP Room you have
5. If you don’t understand, hire someone
Empower yourself to take control of your Financial Health. When we know better we do better.
In the end, the only person who can control this is you.