The 5 Key Items you should have received from your Accountant after your Tax Filing.
Point 2: Discussed your upcoming tax bracket and what you can do to bring your down a tax bracket or increase credits.
Right within our written tax plan and summary, you will get the current year and next year's marginal tax brackets.
You will have noted your Gross and Net income and what the items that get you down to your net income.
Not a difficult concept but your attention is drawn to it.
I know it seems like peanuts but let's add up the tax savings just on the few examples we have here right now.
$100 tax savings does not seem like a big deal but if we can find five or six of these ideas who doesn’t want to save every bit of extra tax.
$10,000 RRSP = $4,750
Labour Credits = $1,625
Non Registered = this varies but let's say its $200
Mortgage Interest = $356
Rental Travel = $113
Transfer of Spousal amount $1,274
$8,318 in tax savings - now that is adding up to make a big difference!