Income Tax Planning

Preparing for Tax Time

Most people dread doing their taxes. They leave it until the last minute and then rush to get all of the proper papers in order by the deadline. It wouldn't be such a chore if they just planned ahead and took better care of their documents. There is a wealth of information and tax tips available through Revenue Canada.  There are many different types of investments available to reduce your taxes and help you get the maximum return.

Spousal RRSPs

It's a good idea to invest in this type of RRSP if there is a large discrepancy in your incomes, so you and your spouse have equal assets upon retirement. You'll benefit from the short-term tax deductions, your spouse will benefit from the contribution and both of you will avoid paying unnecessary taxes during your retirement. North Sydney Credit Union can determine if this option is right for you.


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