The Registered Retirement Savings Plan (RRSP) deadline of February 29 recently passed. Were you one of those people making a late night appointment with your banker or investment advisor to top up your savings? If you were, did you feel a little like the student cramming for an exam — a student who would have been better of studying less over a longer term? Rushing to deadlines when it comes to tax incentives is not the best approach. Having an all-year plan is much smarter.
As the saying goes, the only sure things in life are death and taxes. And, unfortunately, the former won’t allow you to escape the latter. If you’re self-employed, for example, and die still owing outstanding installment payments, the Canada Revenue Agency will come to collect from your estate if your family doesn’t take care of it first. But what happens to your other debts, like your mortgage and credit cards, when you die? Here’s an overview.
The deadline is almost here! You’ve got about three weeks to organize all your paperwork and get your tax forms in to Revenue Canada. Here’s some tax-saving programs you should not be missing.