Blog

Gearing Up for the Right New Year’s Resolutions

One of the most famous happenings when it comes to the New Year is the New Year’s resolutions that a multitude of people put in place. They usually start thinking about this seriously between the week of Christmas and New Year’s and then when the clock strikes midnight on New Year’s Eve they are ready to start on a new path in life.

These New Year’s resolutions can range from many different things but often there are common goals such as getting into a better financial situation, stop smoking, and weight loss.   Unfortunately a good majority of the people never stick much longer than a few weeks at the very most with their New Year’s resolutions and soon fall back into their normal habits.

The goal to success here may be rather than setting  long term goals for New Year’s resolutions is to set short-term ones and as you reach each of these expand them throughout the year.   Procrastination is always a big factor that comes in with New Year’s resolutions and is often the cause of why so many people fail at achieving their goals.

When it comes to finances there are many different resolutions that can be put in place to help turn a bad money situation into a good one. The key is working at both ends towards the middle to achieve the maximum goal.  This means not only finding innovative ways to gain more income but also on ways to cut costs.

What you want to do is make sure that you are not setting goals where the methods that need to be used are so horrendous that it becomes almost impossible to be able to carry through with them. For cash-strapped families it’s really difficult to be able to streamline the budget almost any more than what they are already doing. They already feel that they are making a great deal of sacrifice and it’s to the point where they are losing a great deal of enjoyment in life because  their financial situation has taken control.

Looking at some of the easier steps like what kind of tax breaks and incentives can be capitalized on is it just the one starting area were in individual can start saving money that is available to them and they have just simply not realized.  A classic example of this is the Hydro rebate that is in place for low income families that so many have not taken advantage of.  The question comes down to is it neglect on the part of the families for not pursuing what is available to them or is it a secret that that the government is keeping and has not really put a good effort into advertising. It is up to the individual to be proactive in finding out where all of their potential tax cuts and tax savings are no matter what form they may be in. Be sure to add to your New Years resolution list to seek out a quality accountant to have you keep control of your taxes and finances.

Share Your Thoughts!

Contact

Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

Contact Sam today

The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
Sam Seidman, Chartered Accountant - Copyright ©2013. All Rights Reserved.