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There are some OLD tax saving ideas which are really great to use and should be taken advantage of to drop taxable income. Some of these ideas we are quite familiar with but do not always take full advantage of.

RRSP's can be purchased until March 2, 2015 and can save you quite a bit of money especially if you are in the higher tax brackets. Then when you retire and are in the lower tax bracket it is a good way to pay yourself with lower tax. IF you find yourself still in the higher tax bracket when you retire, come to talk to us as we offer great ideas of what to do with your RRSP contributions after age 65 but before 70 in order to withdraw RRSP income and not lose your old age pension due to clawback.

TSFA's are also great ideas of saving money, they do not reduce your taxable income the same way RRSP's do. But they are a good way to save and the interest from these are tax free. If you need more information on TSFA's come talk to us, we are here to help you.

A NEW great tax credit introduced for this year that you should look into is called FAMILY TAX CUT, The October 30, 2014 announcement included a proposal to introduce the Family Tax Cut, a new non-refundable tax credit of up to $2,000 for eligible couples with minor children. Basically you can now income split up to $50,000 with your spouse, provided you have minor children. This is very advantageous for the family where the income levels between spouses are great. This is definitely something to check out if you fall into this criteria.

We are here to help, just either give us a call and/or fill out our form online.

6 Deductible Expenses That Commission Employees Sh...


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Thursday, 24 September 2020
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