- FOR TAX FILING in canada click here
- How much insurance is really required? click here
- Old Age Benefits calculators click here
- RRSP: Ensure that the higher income spouse maximises his/her RRSP contribution before the lower income earner contributes. Because RRSP contributions are a deduction against Net Income, the tax benefit is greater the higher the tax bracket. A spousal contribution means that a couple can lower taxes "now" and "in retirement".
- Another little known fact is that, since an RRSP deduction lowers Net Income, it impacts tax credits. For families with children earning lower to middle incomes, an RRSP contribution will increase the GST, Child, and Ontario Tax Credits!!
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