An Income Tax Preparation Company in Hamilton Talks About Optimizing RRSP for a Better Tax Refund

An income tax preparation firm in Hamilton gives excellent guidelines about maximizing and optimizing RRSP for better tax savings. Despite what some believe maximizing and optimizing are very different. Henry Piatek explains this difference.
By: Profit Financial Services
 
HAMILTON, Ontario - Feb. 11, 2014 - PRLog -- HAMILTON, ON – February 7, 2014 – Getting a better tax refund is often a concern of new clients at Profit Financial services, an income tax preparation company in Hamilton.  Henry Piatek, owner of Profit Financial Services, recently explained how to do so by optimizing and/or maximizing one’s RRSP.  He states, “Most people believe that maximizing and optimizing are the same thing.  This, however, is not true. Our Income Tax Preparation firm in Cambridge stresses that these two words are not the same and are used completely different.  In concrete terms the results are a big difference in tax refunds.”

Henry continues to explain the difference by saying, “An individual maximizes his contributions by remitting more than the minimum required for a fiscal year.  In investment language, this is putting a “top up” to the contribution.  In 2014, the maximum contribution that one can make is $22,000. People are allowed to contribute as much as 18% of their previous year’s income – and that can be lower than $22,000.”  He then gives details about optimizing.  He says, “In optimizing, the person still tries to maximize his RRSP contribution – but with a twist.  The individual will not be shelling out 18% from his previous year’s gross income.  Instead, he will be borrowing money.”

It is important for business owners to work with a reliable income tax preparation company in Hamilton (http://profitfinancialservices.com/tax-and-accounting-services/income-tax-preparation/).  The right company will help any business owner reach the best savings goal possible.  This is exactly what Profit Financial Service’s main goal is.  Piatek states, “We note not everything is about maximizing your tax refund in the future.  You don’t have to worry about getting a lot out of your present savings in order to maximize your RRSP contribution.  You do however get the most out of everything that way:  your present income, your tax refund and your RRSP contribution.”

To learn more about this topic or to view services offered by Profit Financial click the link below:

http://profitfinancialservices.com/income-tax-preparation-firm-explains-optimize-rrsp-get-better-tax-refund/

About Profit Financial Services Inc.

Profit Financial offers bookkeeping, accounting, tax preparation, Quickbooks, and payroll services to Hamilton and its surrounding areas including Waterford, Cambridge, Norwich, Brantford, Hamilton etc. Contact Profit Financial today for any financial needs by clicking the following link: http://profitfinancialservices.com/
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Source:Profit Financial Services
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Tags:Rrsp, Tax Returns, Tax Saving, Accountant, Tax Prep
Industry:Family, Legal
Location:Hamilton - Ontario - Canada
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