What To Do With Your Tax Refund
Category : blog
By now you would have received your tax return and hopefully have saved some of it. For your current tax refund or refunds received in future years, there are a number of ways you could optimize your long term financial well being.
- Maximize your RRSP refund and catch up on your limit
- Pay down your debt – remember to pay down higher interest rate debt first
- Contribute to a TFSA
- Purchase life insurance
- Purchase a disability plan
- Give to charity – CRA has a provision that first time donors can get extra credits for cash donations of up to $1000. Ask us for more details.
- Contribute to your children’s RESP
- Invest the money
- Keep the money for a rainy day
- Go on a vacation!
Our firm has built key contacts in the investment, insurance and banking industries to help in utilizing your savings to the optimal. Please call our office for trusted professional advisors in these industries.
Let me know if you have any questions on Personal Service Businesses or any other accounting, tax or Canada Revenue Agency related questions. I can be reached at email@example.com or 905-629-7720
Ali Raza Jaffer, CPA, CGA, MBA, BComm
President, AR Jaffer Professional Corporation
Chartered Professional Accountant
(T) 905-629-7720 (F) 905-629-1947