Some people are good with money and it flows to them without effort. They have formed good money habits and behaviors that help them attract money into their lives.
Others seek to create more credit to pay the bills. Then they discover they don’t make enough money to pay off their credit cards.
In this case, they attract additional interest, fees, and costs – which means that making the minimum payments will not reduce the bill.
5 ways we can help you have a better relationship with your money
1. Catch up with your income taxes
Are you late filing your taxes?
If you are late filing your personal income taxes by 30 April and are getting a refund, no problem.
If you owe money and/or you are running a business, your taxes must be filed by the due date and on time.
2. Keep on top of GST
If you are self-employed and running your own business, you need to register for GST/HST in the month or quarter you make $30,000 in Gross Sales. Failing to do so with result in fines and penalties. (For more about when to register for GST, see this post: Do I need to register for GST?)
Once you have registered for GST/HST, you need to file the reports on time and make the payment by the deadline.
3. Learn where your money is going
Our professional bookkeeping services can help you keep track of where your money is coming from – and where it is going to.
With regular financial reports, you will always know where you stand in relation to your money. This enables you to make good business decisions.
4. Start saving – for emergencies, retirement, or maybe a trip around the world?
Have you started your saving accounts for emergency, retirement and vacations?
It’s a good idea to create or top up your savings or retirement funds before you have a break in income.
Whether you are reaching retirement or have many years to go, you will need to start saving for your future. Are you working to top up the RRSP and/or RSP contribution room? Upon retirement, the basic government funds that will be available to low income earnings won’t be enough if you are making over $50,000 yearly.
Of course, you can also use your savings to take your trips around the world.
5. Get out of debt
We can help you set up a budget and get out of debt, setting you up for a better financial future.
Ask us about our personal money management services.
For more information – or to get your tax return done for you – contact Ina.
