If your glass is half empty, investors who don’t heed the April 30 tax deadline could risk having their gains wiped out by the tax man.
If your glass is half full, investors could boost returns by acting before the April 30 deadline.
Here are a few basic tax warnings and advantages for the average investor:
RRSP off the top
You can deduct any registered retirement saving plan contributions (RRSP) made to your account or a spousal account between March 1st of this year and Feb. 29 of 2012, or contributions from previous years that have not yet been deducted.
The amount contributed is subtracted directly from taxable income. If you are in a higher tax bracket, that could result in a refund of up to 29 per cent on the federal level alone. Provincial savings depend on the tax rate of the province.
If you are filing electronically be sure to keep your contribution receipts in a safe place in the event you are ever audited by the Canada Revenue Agency.
The contribution limit for the 2012 taxRead More »from Last-minute tax checklist for investors