If this is you, you are not alone. However, taxes are one of only two things which are certain in this life. So, how do we pay less? 

The government has devised several different vehicles to help us reduce our tax burden and keep a little bit more of our money. You can claim various different items to reduce your taxable income like charitable receipts, medical receipts, Daycare for dependent children etc. Talk to your tax advisor to get a complete list of areas that you can claim that you may not be aware of.

Another great way to reduce your taxable income is by RRSP contributions.  RRSP stands for Registered Retirement Savings Plan. You are allowed to contribute a certain percentage of your income to your RRSP and then it can grow Tax Free for you.  The great thing about RRSPs are they are your funds and remain your funds. They can be used in your retirement or to help you buy your first home.  They also are creditor protected should your financial health fail.

​So you say you cannot afford to contribute to a RRSP. This does not have to be painful. Start a monthly contribution of $25 and you will see how quickly it adds up. That is less than a $1/day.  Or get a RRSP loan at your financial institution.  These can be quickly repaid with the tax refund you likely will get or you can be put on a low monthly repayment schedule. It is up to you. Talk to your financial institution professional for more details on getting started with RRSPs and build your wealth by paying less tax. Now that is smart!

​Become a Financial Genius with Brilliant Advice from Your Credit Union.  For more information on the benefits of banking with a credit union call:     1-800-379-7757.