Blog

Look for Incentives as Part of Your Financial Planning Strategy

Financial Planning Strategy

A lot of people are becoming more pro-active in finding legal ways of trying to reduce their tax obligations.   There are many ways that they can go about this.   Also, it is becoming more important to implement some financial planning strategies that not only include your taxes but help to save money in other ways.

For your taxes you want to take advantage of any current refundable and non refundable tax credits that may be applicable to you.   Then you want to look at some of those that would only require you to make some slight changes that would then put you in a position to make use of them.   Finally, by using an expert to help you with your tax planning and filing, like a quality Toronto accountant, then you have put some good tax saving measures in place.

Outside of the tax realm look for other types of incentives that may save you a few dollars.   Quite often when the Government is dealing with a big issue they will put incentives in place to help with the problem.   A good example is our energy depletion.   The only way the Government can help to tackle this problem is to get the public to help. To do this they have brought forth various incentives.   Often the problem is the general public may not be aware of them, therefore cannot take advantage of them.

One that may be worth looking at is the electric car incentive.   We are beginning to see a lot more of these types of vehicles on the road and many of us are looking at them with interest.   Have their buyers purchased them because they are something new and different?   Or, could there be another reason for this?   It could be because there is quite a lucrative incentive that goes along with them, and some people like savings in any shape or form.

Once you start looking into this you are going to find that this type of vehicle can be quite a money saver, although they take getting used to.    Currently there are two types of these vehicles that are eligible for the incentive, and this includes leasing them as well.

The incentive can be a return on the purchase of the vehicle ranging from anywhere between $5,000. To $8,500. You can receive this by using a dealer that will deduct the applicable amount from the purchase price, then forwards the application to the government for reimbursement.   Or, you can purchase or lease the vehicle yourself and submit the application for the amount you qualify for.

This is just one of several types of money savers that comes by way of government incentives and it is worth keeping an eye out for them.

 

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.