Often clients ask question where they should invest their savings, RRSPs (Registered retirement savings plan) or TFSA (Tax free savings Account). It is not a brainer. At WCA chartered professional Accountant we always advise clients to put maximum towards RRSP contribution. With RRSP contribution clients do not only save for their retirement but get an immediate tax refund approximately 30-40% depending on client’s tax bracket. Tax refund can be used to pay credit card bills, towards children tuition or renovation project. No other investment gives such an attractive return in such a short span of time period. And client’s principal money remains invested and keep growing until they reach the age to start withdrawing from their RRSP account.

On the other hand TFSA is only good for those who have maximized their RRSP contribution room, have no more room to contribute and still have savings that should be invested in tax free savings account. Growth in tax free savings account results in zero tax.  Every Canadian can invest up to $5,000 every year in tax free savings account and enjoy tax free growth.


For reliable tax advice contact Principal Waseem Aslam, CPA at WCA Chartered professional Accountant located in Burlington Ontario. Waseem Aslam, CPA has over 20 years of experience dealing with different tax situations and representing clients with Canada revenue agency.

How to make the most out of your Tax Returns

tax returns

In case you’re similar to a great many people, when tax season moves around, you submit your file and afterward sit tight anxiously for your tax return, which you’ve spent some of it recently, the check is even in your grasp. How could you have been able to you spend your refund? Another TV? On the other hand that extraordinary excursion you’ve needed to take?

This year, consider accomplishing something else with the cash you get once more from the legislature. The average Tax returns in Burlington were $3,034 by 2014, which is more than only somewhat additional burning through cash. Here are a few conceivable outcomes for how to make the most out of your tax refund. Look at it!

Pay down high-intrigue obligation. With more Americans straying into the red, numerous money related counsels trust it is judicious to utilize your expense discount to pay off however much of your high-premium obligation as could reasonably be expected. They instruct making a rundown concerning all advances, adjusts and comparing financing costs. Begin by paying off the most elevated loan fees to start with, and work your way down from that point!

Begin a crisis money reserve. The lion’s share of money related consultants prescribe setting up a different record with three to six months of everyday costs spared in case of a cutback or unanticipated wellbeing issues that aren’t secured by protection. Keep this crisis account separate from your checking and investment accounts, so as not to deplete this asset for non-crises.

Contribute for your retirement. In the event that you choose to secure your tax returns for long haul funds, counsels suggest putting it toward your retirement by adding more to your manager’s retirement program or a conventional or Roth Individual Retirement Account (IRA) on the off chance that you can’t contribute more to your boss’ project.

Contribute for your youngster’s school training. After you’ve developed your own retirement account, you can turn your consideration toward building your kids’ or grandchildren’s school reserve funds arranges. Converse with your money related consultant about which way best suits your circumstance.

Add to your customary common asset venture account. On the off chance that you are now contributing the most extreme add up to your retirement account, consultants suggest putting resources into a normal assessable common asset to help your cash develop.

Give back. In the event that you don’t have any obligation and your retirement reserve funds are adequate, shouldn’t something be said about making an altruistic commitment to help other people in need? Offering back to your group is such a great amount of superior to anything blowing the cash on costly individual wishes.

We realize that settling on keen money related choices isn’t generally simple. So whether you’re simply beginning to take a gander at all the diverse approaches to utilize your 2016 tax returns or are as of now wanting to put your returns towards your long haul money related objectives, recall that your assessment discount does not need to be utilized for one and only thing. Rather than squandering your expense form, utilize the cash for any of the proposals above and save that shopping spree for a later date.

In any case, on the off chance that you require more consultancies or particularly searching for Accounting Services in Burlington; WCA is there to help you. WCA Chartered proficient Accountant and Tax Consulting treats customers with obligingness and trustworthiness. Working for the best enthusiasm of customers, effective and legit administration is given that accomplishes exceptional more results yet keeping up strict customer privacy.