Best Ways to Get a Bigger Tax Refund
I was recently interviewed by Isabelle Docto from Daily Hive on the “Best Ways to Get a Bigger Tax Refund”.
She asked two really interesting questions that didn’t make it into the interview, so I thought I’d answer them in this video and podcast.
The questions are:
- How can you get a very large tax refund?
- Are there any other tips and tricks people should know?
Please check out the original article here: https://dailyhive.com/canada/best-ways-bigger-tax-return
Watch the video and listen to the podcast episode to find out:
- How to get large tax refunds through borrowing money to invest and RRSP strategies.
- RRSP Gross-up + RRSP Catch-up Strategies.
- How to maximize your RRSP room.
- Why borrowing to invest gives you a big tax refund.
- What is the “Renters RSP”?
I hope you enjoy it!
Ed
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Ed Rempel has helped thousands of Canadians become financially secure. He is a fee-for-service financial planner, tax accountant, expert in many tax & investment strategies, and a popular and passionate blogger.
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Hi Medhi,
You have to be a “first-time home buyer” to open an FHSA. That means you and your spouse cannot have owned a home that you lived in this year or the last 4 calendar years.
If you are a current homeowner, you cannot open one for yourselves. Possibly for your kids, if you have them.
Ed
Excellent clip, as always Ed.
Would current homeowners (especially if our RRSP is maxed out) be able to benefit from FHSA at all?
Thanks.