Managing your Personal Taxes 2013-14

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If there’s one thing everyone can agree on, it’s that we’d all like to pay less tax. No matter how much you earn or what your personal circumstances, you work hard for your money and you want to hold on to as much of it as you can. In Canada, we’re fortunate to have access to a variety of means to reduce our tax burden. You just have to know where to look. The system is complex and it’s not always clear where the opportunities lie. That’s where we can help. We have provided a link to a copy of the “Tax Planning Guide 2013-2014″, provided by Raymond Chabot Grant Thornton.  The guide includes tips, strategies and suggestions to help you achieve the following goals:

• Understand your tax situation

• Reduce your income tax

• Benefit from government incentives

• Execute tax-effective investment strategies

• Think about your future

Whether you read this book cover to cover or pick and choose the sections that are most applicable to your situation, we hope you’ll find useful information that will help you save time, save stress and — perhaps most important — save money.  

Tax-Planning-Guide-2013-2014

If you need further assistance with implementing any of the strategies provided in the guide please contact us via email at i...@axxion.ca

 

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Personal Debt Repayment Strategy: 8 Tips for Paying Down Debt

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Listed below are 8 tips to assist individuals in reducing their debt. With many Canadians looking for ways to counter rising prices it is advantageous to take steps now to address debt to reduce payments later.

There is no quick fix to getting out of debt.  Solving your debt dilemma requires commitment and patience.

The following 8 tips will help you reduce debt and take control of your finances:

1. Take control now – evaluate your financial records to determine your income and expenses.
2. Create a budget – based on your income and expenses, establish a plan that allows you to allocate money for all of your categories of spending. Try to eliminate any unnecessary costs.
3. Pay off your credit cards – paying down credit card debt will give you flexibility and allow you to free up cash for other items.
4. Reduce the number of credit cards you have – consider having only a few credit cards and make sure they have the lowest rate available.
5. Don’t take on additional debt – work toward paying down what you currently owe before adding any new debt. Avoid any unnecessary purchases.
6. Contact your creditors – speak directly to the companies to which you owe money. They may be willing to set up a payment schedule that will enable you to reduce monthly payments.
7. Ask credit counselors – assistance is available for little or no cost through government programs or credit counseling services, which will work with you to develop a long-term plan to pay off debt.
8. Stay vigilant – once you’ve reduced or paid off your balances, remember to guard against incurring debt again. If you lack self-discipline, consider phasing out credit cards and using debit cards or cash instead.

Do you have a personal debt strategy that you use?  If so, comment and tell us about it….