Managing personal finances
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Getting and Saving Personal Finances

Keeping Personal Taxes

Tax Planning As A Family

It's not what you make, it's what you keep. That's the principal behind understanding your tax situation.

Governments around the world tax the money you make in different ways, all to promote goals that they believe you should be pursuing. Understanding these legitimate tax breaks can help you create an effective tax plan.

This includes:

Tax incentives to plan for your retirement (i.e. 401(k) plans in the United States, RRSPs in Canada).
Rewarding certain types of investments (gains from the sale of shares taxed at lower capital gains rates, whereas income from safe investments like interest from certificates of deposit is taxed at your higher rate as ordinary income).
Promoting the creating of small businesses through the tax advantages available to businesses both large and small.

Avoid taxes is encouraged and is a sound part of your overall financial plan – evading taxes ("forgetting" to declare some cash income you received at a second job) is not.

In the content to come on the subject of Personal Taxes we will look at:

Getting organized-a key part of your overall tax plan
Deferring taxes-a dollar not spent today in taxes is a real saving to you
Your investments and your taxes
Family tax planning to maximize income splitting opportunities
Before-tax and after-tax assessments

We would also love to hear from you. What topics relating to managing your personal taxes would you like to hear about. Contact us here now and let us know!

Managing Personal Finances

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