The last week of February is an important week for Tax Payers because of the tax filing spike in Canada is due to the March 1st deadline for RRSP (equivalent to US 401) contributions. During this last week of February, QuickTax sales will typically rise tremendously, due to many taxpayers try to file their taxes before the deadline. I would recommend that you get yourself ready for this special week in advance.
When you’ve worked hard all your life, you deserve a little luxury during retirement. There are intelligent decisions, you can do while you are still working if ensure that relaxation days await you.
The RRSP QuickTax Wizard can help you determine how much to contribute to your RRSP with such ease, it is as if by magic. The tool helps you maximize your RRSP funds and is available for all Canadian taxpayers.
Other factors to consider when making them contributions to an RRSP and complete your tax return:
- If you think that your income will be more than your spouse when the time comes to retirement, it will be good to consider contributing towards a spousal RRSP. A spousal RRSP now provides income tax savings for you while allows your spouse of his/her pension request later.
- If neither you nor your partner earned as much as you could hope for 2009, but expect to earn more in 2010, QuickTax will advise postpone you all or part of your contributions to a deduction for a future when your taxes will be most important year and most valuable of deduction.
Remember, you have less than ten days now to contribute towards your RRSP before the date limit on March 1. Don’t wait because its a perfect answer to your question how you Maximize Your Funds!