Individual Income Tax Saving Tips?

Question

-live and work in Ontario

-have a mortgage on a condo unit

-have RRSP contribution and some investment in non-registered mutual fund

-have OSAP debt

Any tax saving tip? Any advise is very appreciated. :) Thank you in advance.

Answer 1

There are many refundable and non-refundable tax credits available but you haven't provided me with much info to go by.  KPMG produces a book every year or so that is very easy to read and outlines all the options available.  If you file your taxes online (eg: QuickTax), the software breaks down your tax credits as well.

With that said, based on what you wrote above...Your OSAP loan interest is tax deductible.  Focus on your RRSPs and paying down your mortgage since the interest is not tax deductible.  Paying down a 6% mortgage increases your after-tax income by 6%!!

Answer 2

This is not a direct answer, but I would NOT focus on reducing taxes.  Try INCREASING after tax income.  You can ELIMINATE income tax by not having an income.  I doubt that is what you want to do.