Do you rush through your taxes, thinking it’s just a “simple return.” Think again.This week, Travis and Derrick have invited Doug Lawson, an expert in Canadian and US taxes, into the studio to discuss how government budgets, life changes, and common mistakes could be costing you money. 

0:50 –Money Problem:Travis’ clients held most of their assets and income under one spouse’s name. They were exposed to a high tax bracket and hadn’t considered the implications in their financial plan. 

1:50– Expert Examination: Doug Lawson, accountant from Hutcheson & Company joins Derrick and Travis to explain strategies that work to save money and avoid making a tax mistake. Listen for:  

• most common tax questions to ask and mistakes to avoid; 
• how changes in 2020 Federal and Provincial budgets affect individual taxes; 
• why you might want to talk to a CPA before filing; 
• defining a tax “dependent;” 
• how to use RRSPs to save money; 
• tax strategies for retirees and seniors to consider. 

22:00– Weekly Financial Fix:use Travis’ tip andfind out how to use RRSPs to lower your tax bracket. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.