Briefly:

If there is one area of financial advice that Canadians need help with, it’s tax planning. A survey commissioned by RBC found that 80% of young Canadians thought it was important to learn more about tax planning strategies, while only 8% thought they knew enough.

The survey focused on 18- to 30-year olds who are either currently attending or have completed college or university.

“While tax planning may not be the most interesting thing to learn about, having a few simple tax saving strategies in place can help ensure a maximum return,” said Lee Anne Davies, head, retirement strategies, RBC. “Every dollar counts and keeping more money in your pocket can help you focus on your current financial priorities while preparing for the future.”

The survey found 76% of young professionals also feel they need to start investing for their retirement. That percentage rose to 82% among those also interested in tax planning.

RBC offers a few tips on tax planning, including opening a tax free savings account, and contributing regularly to an RRSP. The bank also suggests that RRSP contributions be carried forward, to be claimed in a year when the filer is in a higher tax bracket.

Finally, the bank recommends filing Form T1213 with the Canada Revenue Agency if the filer knows they will be getting a refund. The T1213 allows their employer to reduce the taxes withheld from each paycheque.

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TD gets greener, goes carbon neutral

TD Bank Financial Group has announced that its global operations are now carbon neutral.

“Thanks to the terrific effort of our employees as well as the helpful input we’ve received from environmental and community groups, TD is the first North American-based bank — and one of only a few banks in the world — to reach a carbon neutral goal,” said Karen Clarke-Whistler, chief environment officer, TD. “We look forward to engaging with key stakeholders as we continue to work on environmental issues.”

In April 2008, TD was the first bank in Canada to set a goal of becoming carbon neutral in its domestic operations in 2010. Since that announcement, the bank has expanded its plans to include its international locations and its U.S. personal and commercial banking business.

To attain carbon neutrality, TD adopted three approaches: improved energy efficiency; using renewable energy; and employing carbon credits.

(02/18/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.