Tax Time Deadlines

Tax Time!

The RRSP deadline is approaching quickly. March 1st, 2022 is the deadline to contribute to your RRSP. This allows you to take advantage of deductions to increase your tax refund this spring. RRSP’s are one of the single best long-term savings vehicle available to Canadians. If you wish to deduct your contributions from your income and shelter your earnings from taxation, please get in contact with us. If you have already topped up your 2022 RRSP contributions, you may want to consider setting up a monthly savings plan. Getting accustomed to consistently saving a specific amount each month is a highly effective way to reach your savings goal.

Another way to save for your future is a TFSA. What is your Tax-Free Savings Account used for? For many people, the answers aren’t always clear. TFSAs are very useful because they are highly versatile and serve many purposes in every stage of your life. TFSA’s can be used for various things, such as saving more for your kid’s education, to finance your retirement, for an emergency fund, or even for a rainy day.

Here are your key takeaways for the 2022 deadline

• Contributions are tax deductible
• RRSP’s can reduce your tax burden
• Savings grow tax deferred
• RRSP Contribution deadline is March 1st, 2022.

Here are a few things to consider while contributing to your TFSA

• Contributions are NOT tax deductible
• TFSA’s do not reduce your taxes
• SAVINGS Grow TAX FREE

Questions? Give us a Call.

1-866-880-9883