Consider your finances as New Years approaches: expert
Posted December 29, 2013 11:52 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – As you make plans for New Year’s you may also want to go over your finances.
John Bathurst with B-MO says people often overlook contributing to their Tax Free Savings Account. He’s reminding you the limit is $5,500. “That limit is posted on the notice of assessment to get on your tax return. It’ll tell you a couple of things, one, it’ll tell you what your RRSP limits are and two, what your TFSA limits are.”
If you don’t want to put money into a RRSP right now, you have 60 days into the New Year to do so.
He says if you’re married, you can combine your donation receipts.”This gets you through that business of the first $200 of charitable donations are at lower rate. Once you’re above that, you get a credit at the top marginal tax rate, notwithstanding what marginal tax rate you were at.”
You may also want to donate to a charity before January 1st so you can claim it on your 2013 tax return.
