Give Yourself A Raise From Your Tax Refund
Are you consistently receiving a hefty tax refund? It may feel like ‘found money’ from completing your tax return. Like a reward for doing all that work. But it’s really an interest-free loan to the government. This money would be better off working hard throughout the year, for your benefit.
It’s hard to resist turning a big tax refund into some good fun. If this is where your mind goes, and you start dreaming about that windfall, then your investment strategy could miss out on an important opportunity.
Sidestep the temptation. Give yourself a raise instead. With every paycheque you will have more money that you can invest, to build wealth for your future.
By filing a T1213 form to the Canada Revenue Agency, you consent to your employer withholding less tax from your paycheque. It will take about 4 weeks before you see an increase in your pay.
Once you get that money back under your control, don’t just leave it sitting in a bank account. You need a clear plan of how to use it.
If you don’t have an emergency fund in place, this could be a great way to begin one. Or, you could pay down some debts. Make it a goal to get a high- interest credit card down to zero.
Avoid more temptation by automating your efforts. Today’s banking systems offer effortless ways to sock away that extra cash.
You can set up a pre-authorized contribution to your Registered Retirement Savings Plan or a Tax-Free Savings Account. Or a combination of both. Work with your Financial Advisor to plan the best way to invest the money and reduce taxes.
If you prefer more direct control, set up an automatic transfer of money each payday. Try this for a few months, then see how well it works for you.
It’s important to remember that building wealth is about discipline, not complete deprivation. If your lifestyle feels a little too lackluster, tweak your monthly plan a bit. Because too strict a budget is one that will eventually fail. Add in some funds to have a bit of fun.
Give yourself a raise, and get that money working to increase your wealth. Ask your Financial Advisor to help plan your strategy.
469805 345853I believe that a simple and unassuming manner of life is very best for everyone, greatest both for the body and the mind. 211136
825791 951811Hi there. Quite cool internet site!! Guy .. Beautiful .. Wonderful .. I will bookmark your site and take the feeds additionallyI am glad to locate so considerably useful information right here within the article. Thanks for sharing 255056
228854 198663Sweet web site , super pattern , rattling clean and use friendly . 180073
264533 836637Which is some inspirational stuff. Never knew that opinions might be this varied. Thank you for all of the enthusiasm to supply such beneficial information here. 295659
52621 975878Thank you a good deal for giving every person an extraordinarily particular possiblity to check guidelines from here. 994265
424927 779870If your real buddies know you as your nickname, use that nickname as your initial name online. When you initial friend someone, focus on producing a private comment that weaves connection. 291444
201044 466226So could be the green tea i buy in cans the same as the regular tea youd buy to put inside your morning cup? Ive been told is just normal green tea produced to be cooler, but does it have any affect as far as not speeding up your metabolism as quickly as normal hot green tea? 998529