moxie[mok-see]See more synonyms on Thesaurus.com noun; Slang.
1. vigor; verve; pep.
2. courage and aggressiveness; nerve.
3. skill; know-how
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| We can all learn something from this Guru! |
Today is tax filing deadline for individual taxpayers with self-employment income, that is sole proprietors. This includes individuals with rental income, even if that is only renting out a portion of your home. I filed the last self-employed client's tax return yesterday, yipeeee!
Now that the 2018 tax filing season is officially over today, it's a good time to step back and do a review of your tax situation so you know what moves to make to better your outcome for 2018. And while your at it, why not do a half-year check up to see where you stand with the money goals you set for this year? Let's face it, you work hard for that money, doesn't it make sense to take some time to plan to get the most out of what you work hard for?
Your tax return is the document that gives you the greatest insight into your financial situation as it reveals how much you earned from employment, business activities, investments and you can determine how much you had left to spend and save/invest. My favourite advisor Coach & Speaker, the late Bobby Charlton coined this gem, "the only money you can spend is what the government allows you to keep", so making maximum use of opportunities given in our tax code to lower your tax payable is paramount to your future financial success. My saying is this, whatever you do, it's a sacrifice, so do the thing that will give you the best outcome in terms of your accumulation goals and financial security in the long run!
A good place to start with your check up is your budget. You know how much you earned last year, you know how much tax you paid and how much you had left, now look at your spending and see what changes and adjustments you need to make. Here is some help, courtesy of your Canadian Government. Yes, your Goverment has a vested interest in your financial success because it means less demand on the social benefits later.
Planning your household budget - Canada.ca
Hear are some other areas that you can look at after reviewing your tax return:
- How much interest or other investment income did you report? Could you change how your investments/savings are allocated to reduce your income tax payable?
- Do you have joint accounts with others that is "messing up" their income tax and benefits return and is there another way to handle this?
- Are you using your Tax Free Savings Account (TFSA) and Registered Retiremement Savings Plan (RRSP) to give you the benefit they were intended to?
Whenever I hear these statements about the TFSA or RRSP I know right away that a) there is no strategy; b) they do not understand the purpose of the TFSA or RRSP; c) this is a spender, and the TFSA and or the RRSP is probably not the best type of account for them.
"It's my money, I should be able to get it when I want."
"Why do I have to pay tax/penalty, it's my money."
"I am spending my money now, I don't know how long I'm going to live so may as well enjoy it now."
Here's the question - do you want to have #MoneyMoxie? let me know your thoughts in the comment section below.
Do you have #MoneyMoxie? Share your tips in the comment section, I am always learning, and there are many people who can learn from you.
Let us grow together,
BEVERLEY ALLEN, FLMI
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9
#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice #MoneyMoxie
