Starting a family, investing in a home, establishing long term goals. This is when we become more aware of the GST, PST, HST, PTT, carbon tax, tax on the street, and tax your feet?
The tax man is a big impediment to wealth building. Unfortunately, however, the tax man is a reality of our lives. There are at least two ways to minimize the taxes you pay. The first, well, let’s not talk about it. The second, talk to someone who can help you formulate a good financial plan. What are some of the questions you should be asking yourself at this stage in your life:
Do I maximize my RRSP’s? Do I invest in RESP’s? Are my savings continuing to grow? Do I have sufficient insurance for the protection of my family, my home? Am I reducing my debt and thus minimizing the interest I pay?
To view a financial calculator click here.
|Newfoundland and Labrador||13%||13%|
|Prince Edward Island||5%||10%||15.5%*|
Note: As at July 01, 2010 both British Columbia and Ontario will replace their respective federal and provincial sales taxes with the HST.
Click here for HST what’s taxable and what’s not.