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.
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."