WEDNESDAY, DECEMBER 8, 2021
With the warmer summer months seemingly behind us, what are you going to do with your new found non sunbathing time. With the tax sensitive date of December 31 rapidly approaching how about a little financial house keeping? I know it may not sound super exciting, but your future you will be glad you did.
1. Make the most of your retirement savings and other tax savings structures.
2. Calculate and use up any available tax credits you qualify for.
There are numerous tax credits and money saving structures you may well qualify for.
3. Revisit your budget
Analyze your earning and spending habits in 2021:
• Expenses I can and want to cut?
• Did I save for the things that were important to me?
• Did I make any large purchases I regret?
• How can I increase my income next year?
4. Consider contributing to a RESP for your children or grandchildren.
There are some great advantages to having one including a percentage of government grants which can rapidly build a great future education funding account.
5. Make last-minute charitable donations
Charitable giving is good for the soul, but it’s also a great way to reduce your 2021 tax burden. Make your donation before Dec. 31 to use it against your 2021 taxes payable.
Be careful: Fraud runs rampant during the holiday season.
6. Check your credit report
Visit Equifax and Transunion. Dispute any errors or inaccuracies that may be bringing down your credit score and start the new year on the right foot, credit-wise. Your very own bank account may well have a link which would allow you do this for free.
7. Make a game plan for that year-end bonus or winfall
If your December paycheck is a little fatter, decide how you’ll spend it. Can you use it to pay off debt or contribute more to your retirement savings? Plan for the bonus before it hits your account, so it’s not spent impulsively.
8. Take advantage of credit card rewards
Go through your statements to see which rewards are due to expire.
9.Talk with your significant other
Plan to work together to meet your objectives. Remember you are in this together and a healthy team requires healthy members and a solid game plan.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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