Tax Tips for 2013

January is the best time to get started! Reducing your  taxes is one of the ways to help you save money. Below, is a 2013 checklist on ways to lower your tax bill and give your financial planning a booster shot.

This is the first one in the  series  of  “seven” tax tips for 2013.   We will let you know all about them.  Each week day, I  will publish another segment in the series  of the Tax -Group of SEVEN!

RRSP Contribution Cap

Tax time

TIP #1  for 2013, the contribution cap is $21,000. You still have until March 2, 2014 to max out your 2013 contribution, with a ceiling of $20,000. The first tip is that the sooner you contribute, the sooner the money starts to grow  tax-free until you start to withdraw.  Look at your contribution as a monthly household payment when you start saving. In return for your contributions you get a tax credit.

Take note, that if you have not made maximum contributions every year, you can exceed the limits by using that unused room. Ask your accountant John McCormack,  CPA, CGA, CFP to  fully explain this aspect of tax saving  in more detail on your first visit.www johnmccormack.cato be continued…..

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