Happy tax season! As you’re preparing your things to file your taxes (or maybe you haven’t started yet), we wanted to go over some awesome benefits of filing early!
RRSP Benefits
If you’re not sure how your RRSP can help with tax savings, check out our RRSP blog here.
The deadline to deposit to your RRSP and receive a tax deduction for the season is the end of February. Therefore, if you prepare everything early, you’ll be able to see what your bottom line is before RRSP season ends. This means you’ll be able to figure out how much you need to deposit in your RRSP in order to maximize on savings.
Time to Plan
If you end up owing on your taxes, the early you file the better. Filing early doesn’t make the money due early, but it will give you more time to plan/save in order to pay back what you owe.
Take What You’re Owed!
If you’re owed money, why leave it with the government? The sooner you file, the sooner you can get that money back that you are owed. Remember, it’s your money! And it belongs in your pocket, not the government’s.
Check out this week’s video for a more in depth explanation as to why filing your taxes early can be beneficial. Remember to subscribe to our channel for weekly tax tips!