Lifting the debt clouds

The couple should also reduce stress by having Guy deduct 25% from every cheque he receives and put this money in a savings account controlled by Francesca, who is the one cracking the whip and can send the money to the CRA each quarter. The couple should also stop making their $900 RESP contributio...

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Bibliographic Details
Published in:MoneySense (Toronto) 2017-01, Vol.19 (1), p.22
Main Author: Cazzin, Julie
Format: Magazinearticle
Language:English
Subjects:
Income taxes
Maternity & paternity leaves
Savings accounts
Self employment
Tax planning
Online Access:Get full text
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Summary:The couple should also reduce stress by having Guy deduct 25% from every cheque he receives and put this money in a savings account controlled by Francesca, who is the one cracking the whip and can send the money to the CRA each quarter. The couple should also stop making their $900 RESP contribution until they've paid off their personal debt, as well as cut miscellaneous expenses by $2,000, gift buying by $500, their restaurant bill by $500 and their groceries by $500 for a total of $8,400 in savings.
ISSN:1488-1349