Tax Tip Thursday

There are a number of things that you can do at the beginning of the year to improve your finances and/or get things in order for the 2025 year.

So here is week 1 of 2  checklists for your finances as the new year begins:

1. Contact your insurance company and review your policy and the associated premiums.
2. Contact your cell phone, internet and satellite/cable provider.   I would almost bet that you can get a better rate/deal on your services.  I just did it myself and saved almost $20 a month on each of our phones!
3. Review your credit card and bank statements line by line.  We all get used to seeing charges consistently on our statements.  Be sure you know what all the services are that you are paying for and that you are still using them.
4. If you have a significant tax balance in the previous year, now is the perfect time to revisit your annual tax strategy.  If you are self employed, and start making instalment payments now, it will lighten the load through the year (and is likely required).  If you are an employee, you can have additional tax withheld at source to avoid hefty quarterly instalments.
5. And last but not least……For self employed and employees with a T2200, get your records in order for your taxes.  We are already starting self-employed tax returns.  There is no reason to wait.  Avoid the rush and save some money!  We are maintaining 2024 rates for the 1^st 2 months of 2025!  After that prices are going up.

We can help you start the year out right! Make An Appointment today!

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.