Wednesday, November 27, 2013

RRSP season, time to slow down the tax man

Tax Time, are you ready?
smart investor retires early
armchair investment
As you can probably tell by all the TV and radio ads for services and software it’s tax time. While many Canadians can find themselves a little stressed over decisions about RSP contributions, there are also opportunities for homeowners to save some tax dollars. The federal and provincial governments permit many deductions related to home purchases, sales and expenses.
As mortgage experts, seasoned investors, we can ask the question, how can we help our clients at tax time? We have a duty to keep you informed, as if  you are educated about what can your RRSP plan do to you, you will make better decisions. Investing for double digit return, safe secured and lucrative option. Also this type of investment will secure you monthly income and if you leave it in your plan, the return, your profit is tax free. Get informed, read about it.
It is as easy as informing customers about their eligibility for potential tax deductions. If customers work from home, even if they’re not self employed, they may be eligible to deduct costs such as heat, home insurance, electricity, cleaning materials, property taxes and mortgage interest. Homeowners need to complete the
CRA form T-2200 and have their employers sign it.
For new and substantially renovated homes you may be eligible for the GST rebate for home improvements. To see if you qualify click here for further details.
Finally there is the First-Time Home Buyer’s Tax Credit . Communicating details of the federal program can allows qualifying taxpayers to claim a tax credit up to $5000 and could see up to $750 in tax relief.
For more information always seek out the advice of a qualified professional Accountant and/or tax experts.  For FREE consultation click here.