tax planning

The inevitability of taxes has been written about many times before, and for good reason: it's stressful, anxiety-inducing and overwhelming to think about your entire financial history over the course of a year, and even more so to find all the documents proving your account of things. But instead of procrastinating and panicking every April, you can give yourself a leg up early by starting to prepare your taxes well in advance.

We spoke with H&R Block tax specialist Yannick Lemay and did some research to figure out how Quebecers can best get their ducks in a row early for a smooth, stress-free tax season. Here's what we found:

So, you're saving for retirement. There are plenty of ways to do this, including by putting money into various forms of savings accounts. Two such retirement-specific accounts are Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). Both allow you to earn interest on your savings and avoid being taxed for it, but in slightly different ways.

You would think that the elders in our society inherently deserve care and community support, rather than being relegated to saving for our inevitable old age by using our own hard-earned dimes. Unfortunately for us, capitalism is such that retirement is a privilege we must all actively prepare for. It's a scam, but it's a scam you can get better at, so let's take a look at two of the ways Canada lets us plan for the moment when our ability to work for other people's profit is gently taken from us by age.