Many of our clients owe taxes at years end; conversely many are due a refund. Ask yourself, “What bucket am I in?”. Whatever the answer is, decide if you are you happy with the outcome. Perhaps you are unaware of all the options available to avoid owing taxes at year end.
One simple way to reduce the amount of tax owing is to contribute into an RRSP. An RRSP is a retirement savings plan the government registers to which you contribute. RRSP contributions reduce your tax and any income earned is also exempt from tax (unless you withdraw from the plan).
RRSP’s are not only a retirement vehicle they are also a tax planning strategy. A tax planning strategy which done correctly ensures tax efficiency which minimizes taxes owing!
Randy and his team of advisors are well versed in tax efficiency. It is quite common for clients to approach his team around tax season to analyze their finances. I invite you to call Randy today, analyze your financial situation before tax season. You might learn something new or maybe even get that tax refund you always dreamed of!