As you know, your tax refund is not found money – it was your money all along, which you lent to the federal government interest-free for the year. Soon, it will be money that could go back to work for you. Here are some suggestions:
- Contribute to your RRSP
Make a lump sum payment contribution for the current tax year. Not only will it ease the pressure when next RRSP season rolls around, but the sooner you make your contribution, the sooner it starts working for you. -
Pay down debt
If you have consumer debt, now is a good time to pay it off. Start with the highest cost first, such as credit cards with double-digit interest rates. -
Give to charity
Share your “windfall” by making a charitable donation. It’s a win-win situation. You not only contribute to a good cause, but also receive an income tax credit that can be used to offset your personal taxes.
For more information, visit www.millswealth.ca
Chris will be happy to answer any questions or provide a private consultation.
You can reach Chris at Raymond James Ltd 604-659-8061 or email chris.mills@raymondjames.ca
Chris is pleased to provide services throughout the BC Lower Mainland and Vancouver Island.
DISCLAIMER: Chris Mills is a financial advisor with Raymond James Ltd. The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd., member — Canadian Investor Protection Fund.
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