Well folks, we’re in the final few days of RRSP season – that wonderful time of year when you can make that contribution that will get you money back when you file your taxes, or at the very least, reduce the amount of taxes you are made to pay… Officially (according to the Canada Revenue Agency’s web site) it ends at midnight on March 1st, 2011. That’s midnight, this coming Tuesday.
Banks will now be in full swing of trying to meet clients’ needs in getting their contributions done, but if left to now, chances are that you will not be able to get in to see your account manager. Not to fear! If you deal with a major Canadian financial institution, chances are that you have a few other options available to you to help you get your contribution made in time. Telephone banking and Online banking are the other “go to” options. My suggestions at this point is that, if you already have an RRSP set up, and you are an Online Banking client, try making your contribution VIA your home computer. You can always get in to see your account manager AFTER March 1st and have the initial RRSP contribution investment option changed, but at this point you want to get your contribution done ASAP.
Income Tax Season has another couple of months (just – March and April for a filing deadline (for most people) of April 30, 2011. Final slips are generally in the mail and we should see most (if not all) of them by mid-March. Personally, I’m still waiting for two slips, but if I really wanted to, I could file now as both slips will just be deductions that I will be carrying forward into the 2011 Tax year.
I think that I mentioned in my last Income Tax-related blog post that I use a tool called TurboTax (formerly known as QuickTax) – my copy is all loaded up and I have almost all of my data already entered. With the exception of the year I moved overseas and the following year (when I moved back) I have used this tool. There were even a couple of years where I had a home-based business, and it was still easy to use and quick to process. In my humble opinion, if you have a home computer, this is the way to go!
What will my refund money be spent on…? Well, a couple of things. I’m going to set aside a few hundred just to spend on me. A Feng Shui Consultation (with Terri Perrin from the Fine Art of Intention Feng Shui) for the outside of my home, some Hypnotherapy and some private yoga lessons are on my “fun spending” list. The rest will be responsibly allocated to my VISA card and my line of credit.
With love across the waters,