AIM Trimark Investments has launched a new campaign to educate investors on why a tax refund is a sign of poor tax planning.
The campaign reminds Canadians that receiving a tax refund means that they’ve loaned their hard-earned money to the government, interest free.
The company recommends applying for a source deduction waiver, so taxpayers can reduce the amount of income tax withheld at source by their employer.
“We believe in providing investors and their advisors with the best tools and advice available to help them plan their financial futures. As part of this commitment, we are currently introducing our Reducing Tax at Source campaign,” said Jamie Golombek, AIM Trimark’s vice president of taxation and estate planning, in a release.
By reducing the amount of tax withheld, the additional cash flow can be used to keep monthly commitments such as RRSP contributions.
“By properly applying this strategy, someone with an annual salary of $69,000 could increase their cash flow by $250 a month. If that $250 is invested each month, they could very feasibly see that investment grow to well over $100,000 over the next 20 years.” said Golombek.
AIM Trimark launches campaign to reduces taxes at source
Source deduction waiver frees up cash for investments
- By: IE Staff
- March 29, 2004 October 31, 2019
- 10:30