Only 5 days left! If you do not run out at lunchtime today and do the following, you are truly not financially savvy at all.
Step 1: Buy a Tax Software and install it on your PC tonight. I like Turbo-Tax.
Step 2: Even though you may not have all of your T4's and forms yet, do your taxes as best as you can. Use last years figures if you're not sure, or guess as best as you can.
Step 3: Use the built-in RRSP contribution tool of the tax software to figure out how much RRSP contribution you need in order to receive the exact same amount back as a tax refund.
Step 4: Once you have this amount, say it's $5,000, RUN to your bank and get an RRSP loan for $5,000 and contribute it to your RRSP account RIGHT AWAY! Remember the deadline is end of February!
Step 5: The bank will give almost anybody an RRSP loan. File your taxes claiming your $5,000 RRSP contribution. A few weeks later you will receive your tax return for $5,000 which will pay off your RRSP loan from the bank.
Bada-bing-bada-boom, you just made an easy $5,000 of tax-free investment money in your RRSP. Now if you want to kick it up a notch, keep dumping money in your self directed RRSP account until you have $35,000 or more saved up. Then invest it into Secure Real Estate Investments to receive 10% to 20% tax-free returns per year! Not many people know about this because obviously the banks loose money on this and don't advertise it, but this is the ONLY way savvy investors use RRSP's. They DO NOT invest in Mutual Funds, Stocks, Bonds, or all the other crap out there where people have to put up all the money with no leverage, take all the risk, and the Bank/Financial Advisor makes all the money wether you win or loose. Think about it.
That's my tip for today. For more info, please follow me online at my links below.
To Your Success!
IT'S TIME TO OWN INC.
Toronto's Premier Apartment and Rent-to-own Real Estate Investment Firm
200 Evans Ave., Suite 201
Toronto, On, M8Z 1J7