Tax Time is Right Time for Financial Planning
Orleans, Ontario March 19th, 2013 – Your tax return is more than a tally of what you owe Mr. Harper. It’s a roadmap to financial planning, giving insight into investment, retirement and estate planning needs. “Tax season gives us a snapshot of our total financial picture,” said Andrew W Bradley, with AndrewWBradley.ca Financial Services. “With T-4s, RRSP receipts and other paperwork handy, it’s an important opportunity to assess where you are and to make adjustments that can move you closer to your financial goals.”
This year, in particular, the need for financial planning is more important. A large number of families are carrying too much debt and there are lots of benefits and credits to help families with their expenses throughout the year and reduce the amount that they owe at tax time. What happens at tax time could affect financial strategies this year and in the future. It could make sense, for instance, to max out your RRSP contribution room to lower your taxes or what should you do with your tax refund – pay down debt or put it into savings. Portfolio allocation between taxable and non-taxable accounts could also become more important, depending on your circumstance. I find that the majority of Canadians are still not taking full advantage of their TFSA accounts and are unsure of the rules surrounding contribution limits and withdrawal penalties. “It’s necessary to understand how these can affect your financial situation and to plan now for appropriate investment, retirement and estate strategies,” Andrew added.
As an Independent Broker with AndrewWBradley.ca, Andrew has demonstrated robust knowledge in tax, investment, retirement, estate and insurance planning and committed to ongoing education. He worked previously as a Collection Call Centre Agent at the Canada Revenue Agency where he worked with taxpayers and businesses to create repayment plans for outstanding debts and general tax information.
To speak with Andrew W Bradley about using the tax return for financial planning, contact 613.286.6841 or email Info@AndrewWBradley.ca.
About AndrewWBradley.ca Financial Services