Did you know that Canadians who contribute to an RRSP will receive an average tax refund of $1,900? What should they do to get the most out of their tax refund?
TAKE THE LEAD and contact your clients to guide them in their choices.
Here are four options to propose to them:
- Contribute to an RRSP: Increase their retirement fund while lowering their 2022 taxable income.
- Contribute to a TFSA: To build an emergency fund that can be accessed at any time while generating tax-free investment income.
- Contribute to an RESP: To maximize generous government grants of up to 30% based on the province of residence and allow children and grandchildren to pursue post-secondary education.
- Pay off debt: To lower the amount paid in interest and alleviate financial commitments.
You know your clients better than anyone. Review their needs and objectives, then guide them so they can get the most out of their tax refund!