1. Pay Down Debt If you have any high-interest debt, like credit card balances, using your tax refund to pay it down can save you a lot of money in the long run. Reducing debt will also give you more financial freedom moving forward. 2. Contribute to Your RRSP Putting some or all of your tax refund into your Registered Retirement Savings Plan (RRSP) can be a great way to secure your future. Plus, RRSP contributions may reduce your taxable income for the current year, possibly resulting in even more tax savings. 3. Build or Add to Your Emergency Fund Having a solid emergency fund…

  Max Out RRSP Contributions Contributing to a Registered Retirement Savings Plan (RRSP) reduces your taxable income for the year. The contribution limit is based on your income, but you can carry forward unused contribution room to future years, so try to contribute as much as possible before the deadline (usually March 1 for the 2025 tax year). Take Advantage of the TFSA While contributions to a Tax-Free Savings Account (TFSA) don’t reduce your taxable income, investment growth within the TFSA is tax-free. The contribution limit for 2025 will be announced by the government, so make sure you know the limit and use it…

Maintaining good books can help to improve cash flow, enhance profits and take advantage of tax deductions. Unfortunately, many entrepreneurs running small enterprises don’t have the time or the experience to crunch numbers.

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