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Remember to file your T1213
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Remember to file your T1213

Contributed by: martingale

Finances Happy New Year! One of the things you may have noticed recently is that rather large deduction of federal tax on your first pay stub of the year. Assuming that you contribute the maximum to your RRSP some of that money still belongs to you. You've just lent it, interest free, to the federal government until sometime next April. You don't want to do that. The solution is to file a Form T1213, Request To Reduce Tax Deducations At Source. Yes, it's nice to get a big refund at the end of the year, but it's even nicer to have that money all year long. A bigger monthly paycheque makes it easier to hit your personal savings target.


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