Income Tax Return – Save Money & Take a Cruise!

Income Tax Return – Save Money & Take a Cruise! What do filing an income tax return, saving money and taking a cruise all have in common? Well, if handled well, you can ‘have your cake and eat it too’! That’s right, you can save money and take a cruise by utilizing your tax return properly. In Canada for example, earners have the opportunity to invest in an RRSP – a registered retirement savings plan. By saving in an RRSP, one can minimize the amount of income tax that they must pay. Most employees have income tax deductions taken off their pay based on their income, marital status etc. The RRSP contribution amount actually reduces the ‘income’ which lowers the …

Five Reasons To Stay Committed To Your Retirement Savings

Five Reasons To Stay Committed To Your Retirement Savings (NC)—As an investor working to build your portfolio, you face many day-to-day demands on your money. It’s not always easy to determine what your financial priorities should be, or to stay committed to them – especially when markets are volatile. There’s one priority, however, that should always be at the top of your list, explains Lisa Li, a Mississauga, Ontario-based CIBC Imperial Service financial adviser: Contributing to a Registered Retirement Savings Plan (RRSP). With its powerful combination of tax deductions and long-term, tax-sheltered growth, the RRSP is still one of the most effective ways for most Canadians to build the financial security they need in retirement. Li shares the following five …