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March 29, 2016 | Wise Tips to Spend, Save and Invest Your Tax Refund

Adrian Mastracci

Adrian Mastracci, Discretionary Portfolio Manager, B.E.E., MBA. My expertise in the investment and financial advisory profession began in 1972. I graduated with the Bachelor of Electrical Engineering from General Motors Institute in 1971. I then attended the University of British Columbia, graduating with the MBA in 1972. I have attained the “Discretionary Portfolio Manager” professional designation. I am committed to offering clients the highest standard of personal service by providing prompt, courteous and professional attention. My advice is objective, unbiased and without conflicts of interest. I’m part of a team that delivers comprehensive services and best value in managing client wealth.

Let’s examine some wise ways to apply your tax refund in 2016.
There are no shortages of sound possibilities for the personal finances.

Everyone can reap value from these practices.
For example, refunds can be spent, saved and invested.

First park the refund into a saving account to resist impulse, say for 30 days.
It gives you time to reflect and evaluate your needs and options.

Try your best to get lasting value from this worthy source of cash.
Many of the allocations you make are typically not reversible.

Here are my sensible ideas dealing with your tax refund:

Contributing to an RRSP boosts the retirement nest egg.
Topping the TFSA earns more tax-free investment income.

Repaying credit card balances is always a top notch, risk-free allocation.
Trimming a line of credit, mortgage or student loan is desirable.

Donating to a charity of choice is a noble cause.
Helping out someone less fortunate than you is generous.

Making an RESP deposit helps pay for the rising costs of education.
Examining an RDSP for a special needs family member is unselfish.

Leaving it permanently in your saving account is a choice.
Paying an outstanding bill is an anxiety off your mind.

Rebuilding the emergency account is beneficial.
Expanding your small business capital is worthwhile.

Lending it at the prescribed rate to the low tax bracket spouse.
Assisting an adult child in purchasing a car or residence.

Adding to your investment plan is rewarding.
Spending on your family travel or leisure is also fitting.

Allocating to property renovations such as your home.
Investing in improving your career or education.

Directing funds towards the next income tax instalments.
Starting the accumulation for the upcoming Christmas gift fund.

Now you’re ready to sprinkle the cherished tax refund wisely.
Allocate it according to priorities best suited to your family needs.

Most families pick one to three different allocations.
Your feedback is appreciated.



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March 29th, 2016

Posted In: Adrian Mastracci Blog

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