Adopt These 9 Money Habits to Increase Your Net Worth
One way to reinforce habits is to celebrate small wins. If you eat slightly less junk food or exercise a bit more, you can count it as an accomplishment. The positive reinforcement helps to make us feel better, inspire confidence and slowly build habits that makes reaching our goals a bit easier. This is particularly true with financial discipline. It is important to recognize that, like any habit, it is a process that takes time. The good news is that there are tangible metrics to measure your success e.g. when you have more in your investment accounts or a higher net worth.
Tax Tips: Medical Expenses Tax Credit
Canadian taxpayers are allowed to claim their medical expenses as a deduction subject to certain restrictions and limits. Luckily your root canal and eyeglasses are deductible, but unfortunately your nose job is no longer eligible to be included in your medical expenses (cosmetic surgery was made ineligible as of March 5, 2010) nor is a hot tub that you install in your home, even if prescribed by your doctor. Eligible medical expenses also have to reach a specific threshold before they can actually start reducing your taxes payable. Details, pertaining to the medical tax credit, to keep in mind prior to deducting medical expenses are discussed below: