Tax Man Cometh

A short and sweet post. Stop surfing Pinterest and Facebook and maybe read a financial blog or read a personal finance book, the small time spent will pay huge dividends (yes pun intended LOL) I am so happy that I have started reading all the blogs that I do and have taken the time to read good books with research to back up what I have digested. This has made the wonderful March 03 deadline in Canada to buy RRSPs a simple task with no fuss or muss. I have employed the simple strategies of not chasing the collective of more stuff, living well below my means, selling my excesses, saving well over the standard 10% of my income and increasing my income. I only wished I clued into this in my 20s so that I would be typing you this post from Thailand or maybe Costa Rica! This year I have maximized my TFSA and dumped enough into RRSPs to get a substantial tax return which will of course will be immediately invested…mission accomplished.

I want to max out my CRA limit on allowable RRSP deductions and TFSA investment every year for the next 5 years (my FI goal timeline). This will be done by consolidating my investments in index funds with the smallest MER fees (as good as you can in Canada) , break 50% savings rate of my tax home pay, continually decrease my monthly expenses, downgrade my life through simplicity and minimal mindset, maximize my return for time vs income at work and sell as much as crap maybe too LOL.

Maybe this should be a thank-you to all those other bloggers out there that have improved my enjoyment of my day to day life and a very bright future.


Join the discussion One Comment

  • TSML says:

    Sounds like we’re on a very similar journey, except I think mine will be a decade journey to FI (we want to stay and establish ourselves in Vancouver).

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