I am hoping to have a first hack at my taxes done very soon, however, as usual my former employer will only send me T4 (and now T4A and others) at the END of February (if not later, given its current fiscal state, I would not be surprised if it arrived very “en retard”). This means I am unable to try to purchase RRSP‘s to compensate or lower my taxes (if I had any room). I guess if I don’t get the forms in time, I can just guess and submit the numbers, but I assume they will arrive some time soon.
I know that QuickTax offers an RRSP scenario tool, but I have never used it, has anyone else? It supposed to show the advantages of buying RRSPs in February and their impact on your income tax owing. I may use that tool one day, but not this time around.
More Money in Government
Stats Canada published an interesting report on 2009 Public and Private Spending estimates.
While public sector capital spending is expected to increase 9.5%, private sector investment is anticipated to fall by 13.1%, mainly due to the mining and oil and gas extraction industry.
This says loudly the one growth industry in the next year, is the Government. Those of us looking for jobs, might want to look at the Public Sector, since it looks like they may be hiring.
If you have retained your pay stubs from your former employer it should provide you with the information you need to make your decisions regarding contributions to RRSP’s.
I used to do this all the time before I was retired and found that I could ballpark the contributions required by looking at the final pay stubs from my employers.