Be careful if you report business losses year after year, as it may catch the attention of the Canada Revenue Agency, who may question whether your activities qualify as business expenses.
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00:00:00.000
00:00:04.000 If you're like a lot of Canadians these days, it
00:00:06.000 may seem challenging to find thousands of dollars to put into your RRSP each year.
00:00:10.890 But if you get a big tax refund and you still have a hard time putting money
00:00:14.400 into your RRSP, here is something that may help out.
00:00:17.520 Chances are too much tax is being taken off your paycheck.
00:00:20.880 So you can contact the CRA and ask them about something called a payroll tax deduction.
00:00:26.070 If you qualify, the government will take less tax
00:00:28.620 off your paycheck, which means more money for you,
00:00:31.020 but on the condition that the money goes directly into an RRSP,
00:00:35.730 which you would set up with your employer.
00:00:37.500 That money would automatically be deducted from your paycheck and go into that RRSP.
00:00:42.320 And at the end of the year, you won't have the temptation of spending that tax refund,
00:00:46.580 and your retirement nest egg will be a lot bigger.
00:00:49.170 I'm Kim Parlee, and that's your "Money Talk Minute."
00:00:55.010
00:00:00.000
00:00:04.000 If you're like a lot of Canadians these days, it
00:00:06.000 may seem challenging to find thousands of dollars to put into your RRSP each year.
00:00:10.890 But if you get a big tax refund and you still have a hard time putting money
00:00:14.400 into your RRSP, here is something that may help out.
00:00:17.520 Chances are too much tax is being taken off your paycheck.
00:00:20.880 So you can contact the CRA and ask them about something called a payroll tax deduction.
00:00:26.070 If you qualify, the government will take less tax
00:00:28.620 off your paycheck, which means more money for you,
00:00:31.020 but on the condition that the money goes directly into an RRSP,
00:00:35.730 which you would set up with your employer.
00:00:37.500 That money would automatically be deducted from your paycheck and go into that RRSP.
00:00:42.320 And at the end of the year, you won't have the temptation of spending that tax refund,
00:00:46.580 and your retirement nest egg will be a lot bigger.
00:00:49.170 I'm Kim Parlee, and that's your "Money Talk Minute."
00:00:55.010