Here’s to a prosperous 2016!

3c7Happy New Year from the Homeroom team! After the gluttony of the holiday season, January is usually the month to restart, refresh, and revise. It’s a time when resolutions are set and new routines are created.

Besides physical fitness, it’s also a great time to get financially fit, and get those books in order before the tax season. Want to make sure you stick to your financial goals this year? Check out these tips and get started!

  • Get your taxes in order NOW: It’ll be tax season before you know it, so it’s time to get on your taxes if you haven’t already. If you need help filing, or with bookkeeping, don’t hesitate to hit us up.
  • Make realistic and achievable goals: One of the main reasons people don’t stick to their resolutions is that they set unrealistic or too many goals. Rather than attempting to save the world, you’ll find more success making smaller, achievable goals. Then make sure you celebrate your successes.
  • Automate, Automate, Automate: Automate as much as possible, meaning setting up automatic payments and deposits. This will make it harder to put off a payment.
  • Rebalance your investment portfolio: Make sure your investments are still on target and adjust as necessary.
  • Don’t do it alone: Make sure you have a goal buddy. Have someone who will hold you accountable and make sure you stick to your goals.

Just for fun: Here are the most Googled resolutions.

Happy resolving and here’s to a prosperous 2016!

Act now and save big on your taxes!

show-me-the-money-meme-830x400’Tis the season for gingerbread lattes, Christmas markets, chocolates galore, and taxes! Wait a second…but yes! By spending a couple of hours this month on your taxes, there are a few things you can do to maximize your savings and make your life easier come February 2016.

You can start by organizing eligible tax credits—charitable donations, kids’ spots and arts payments, transit passes, education and healthcare expanses. By putting any year-end bonuses into your RRSP before the February 29 deadline, you can avoid the tax.

Other year-end tax-saving tips:

  • Make charitable donations
  • Contribute to an RESP
  • Tax-loss selling
  • Installment payments
  • Kids’ expenses

So as you spread the holiday cheer this season, make sure you’re giving yourself a tax break as well!

On behalf of the Homeroom team, we wish you all a safe and happy holiday season!!