Can I Just Say... Gen Y-er tax advice to put more money in your pocket

By Ali Sami and Jamie Kan

Tax sea∙son (/taks/ sēzən/) – the period between New Year's resolution fails and bikini bod crunch time.

Below are some awesome Gen Y-er tax tips to help prepare for the future.

Overt optimism and wild ambition isn’t going to get us anywhere without some knowledge and planning. Let’s be honest, we’re sexy when we’re responsible.

1. Use an RRSP (Registered Retirement Savings Plan) to get a tax deduction from the government

You may get some of your income tax back, too. However, when the refund is received, we highly recommend not buying designer bags and shoes. That’s what sugar daddies are for. Rather, invest it into something that’ll grow your wealth. And no, a profile on seekingarrangement.com is not considered a retirement plan. Learn more here. 

2. Use the public-transit tax credit to lower your taxes

It’s all right if you’re not onboard the sugar daddy/mama train. You can get your taxes reduced for being a regular commuter. Transit passes with monthlong unlimited travels are eligible to be claimed. With the knowledge of this option, hopefully we can decrease the hate rate and rants directed at the Vancouver public transit system. Learn more here.

3. Use life insurance to grow your money

We know it feels like you’re going to live forever and that life insurance is meant for old people with kids who die. But most people don’t know there are life insurance plans that can grow savings tax-free. You could get taxed heavily when you’re dead, depending on how baller you were. The death benefit from life insurance is tax-free, so it can be used to offset the estate taxes that are payable before the heavenly gates open. Learn more here.