Sunil Chugh Financial Planner

While Canadians may have a different perspective on how the Government splurges their taxes, when the tax time comes, most of us are seeking ways to pay no more than we owe – or even maximize our tax refunds. Listed here are a few tried and tested strategies that will help you find the right ways to maximize our tax refunds. Think regarding “bunching” your itemized deductions: Certain expenditures, such as the following, can be categorized “itemized” deductions: Charitable contributions Deductible taxes Interest expenses Medical & dental expenses Casualty, disaster and theft losses Home mortgage points If you have been waiting on specific medical expenses or charitable contributions, you might wish to hold off until a year in which you itemize. By doing so, you can make the most of your deductions. Claim non-refundable credits as well: Non-refundable tax credits also decrease the amount of tax you have to pay but stop when that sum hits zero. Fu...

Do I really need a financial plan? This is a question that a lot of people ponder about. Some people feel that financial planning is all about saving regularly in bank recurring deposits. Unfortun ately, saving isn’t enough to accomplish your life goals. To achieve all your life goals such as buying a car, house, dream vacation, and child’s education, you need to have proper financial planning in place.  A financial plan helps you in constructing a road map so that you can fulfill your financial goals. Also, it helps you in building your emergency fund for any unexpected requirements that may appear.  What Is Meant by Financial Planning? Financial planning is a professional approach to assess your present & future financial status and thus allowing you to accomplish your objectives in an organized manner.  As stated above, it builds a blueprint and gives you the power to fulfill all the expenses of life – both expected & unexpe...

Choosing an ideal financial planner is critical to your success. You need to make an informed decision. The right selection can add tremendous value to your financial planning roadmap, while at the same time a wrong choice can lead to potential dent in your financial outlook. Listed below are some key factors to consider when selecting your next financial planner in Mississauga. Know your financial needs: There are several reasons one needs to use the service of a financial planner, such as retirement planning, child education planning, tax planning, and etc. Regardless of the reason, you should be aware that not every financial planner will be suitable for your needs. Some specialize is one area over the other. That does not mean the financial planner is any less competent. Therefore, before choosing a planner, you must first recognize and define your financial objectives. By expressing your needs clearly, you will be in a better position to ascertain which financial p...

People usually feel that they are not making enough advancement towards their financial goals. There is a simple solution for that. Make a financial plan & stick to it. Here are some financial planning DOs and DONTs to get started: Decide your need & set money goals accordingly:   Before making a financial plan, you should be clear about your goals. Put together a list of all the things that you presently use your cash on & all of those that you would like to spend your cash on. As soon as you have a clear goal it will be much easier to summarize the steps to enjoy a great financial future ahead. Don’t put your wants before your needs: Yes, you have the luxury to spend your hard-earned money on holiday & designer clothing, but at the same-time, you also need to be practical regarding what you wish vs. what you need. Ensure you have a balanced financial plan for this purpose. Categorize your wants & needs as per the order in which you value them. This will...

Many congratulations as you are going to tie the knot! You have booked the church, ordered the flowers, hired a caterer and have organized everything else needed for your big day. Now what? Have you discussed the financial consideration? Before you take a walk to the altar, ensure to go through this financial checklist: Understand your partner’s financial history:   Once you get wedded, individual debts become joint debts. Know about your spouse’s financial history & what debts she already has. Your spouse’s debts may become your accountability once you’re married. Before getting married, have an open discussion about your spouse’s financial obligations that determine the potential impact that it could have in future.  Credit score:   Credit scores are critical both for you and your spouse, especially if you’re planning to take a large loan, such as a mortgage. Before getting married try to take off any negative items & incorrect info from both of ...

Maintaining a budget not only helps you keep a check on overspending but also facilitates greater transparency to make better financial decisions. Families must discuss finances and set-up budget to closely monitor income v expense. Here are some best practices on managing family budget:  Plan a budget: Tracking your family’s earning & expenditure is the stepping stone towards living on a budget. Collect all your paycheck, bills, bank statement and everything else that demonstrates cash coming in or going out. Manage your finances by documenting your budget. Remember, if you don’t have a budget in place, you are missing opportunities to cut unwanted expenses that could have been converted to savings. Spending some time on creating a budget now can save you big afterward. Talk about budgeting & saving with your children: Learning how to save while raising a family is not all about dads and moms. You can also get your children involved with re...