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…

Entrusting your tax needs to a professional accountant can significantly enhance your financial management strategy. At Brochu & Associates Ltd., we specialize in simplifying the complexities of personal and corporate income tax preparation, ensuring compliance with the latest tax laws. Our expert team, led by Derek Brochu, offers tailored solutions to maximize returns and minimize liabilities, allowing you to focus on growing your business. Discover the top five reasons why partnering with a seasoned accountant is a wise investment for your financial health and peace of mind.

When you run a small to medium-sized business, you probably try to handle the books to avoid the cost of outsourcing to a bookkeeper. It might be a clever way to save up on money, but trying to pinch pennies in areas where shouldn’t, particularly bookkeeping, can more often end up costing you more in the long run.

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I’m Derek Brochu, the proud owner of Brochu & Associates Ltd.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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