By Stas Bekman.
Published: 16 July 2006
Check those tax books and guidelines and may be even invest into a consultation with a tax expert. A little invested time and money may result in a nice check from the government.
Participate in a 401(k) or 403(b) plan, or the equivalents. This shrinks your taxes and saves you for the future.
Put as much as you can into tax-free IRA/Roth IRA/RRSP/other accounts. You get taxed less and the gain on the programs is tax-free, until you withdraw
Be creative and think of the ways you could fit your situation to various deductions and privileges. This is especially important if you have a family and children, as there are many more options that could give you more money back.
Retirement Account - IRA (http://www.investopedia.com/terms/i/ira.asp)
Topics - Topic 424 401(k) Plans (http://www.irs.gov/taxtopics/tc424.html)
Plan Tutorial (http://www.investopedia.com/university/retirementplans/403b/)
and related plans (http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/menu-e.html)
Centre | RRSP Centre (http://www.bmoinvesting.com/RRSP/)