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Don't Leave Money on the Table
- karenboudewyn
- Mar 16
- 5 min read
As we move further into the year, there are certainly no shortage of things competing for our attention. Many are busy gathering documents and preparing for income tax season, while at the same time world events continue to unfold in ways that can surprise, concern, and stir strong emotions. Check out how to not leave money on the table with your taxes this year in the article below.
In a world where information moves faster than ever, one important question emerges: where do we get our information, and how do we know it’s trustworthy? This month we explore not only how we find information, but also how it influences the way our brains process, react, and make decisions.
Understanding how information affects our thinking is especially important when it comes to financial choices. The sources we trust can shape our confidence, our fears, and ultimately the decisions we make.
In this edition, Market Ethos also takes a closer look at the growing influence of artificial intelligence and introduces a new perspective on the meaning of HALO.
We hope you enjoy this month’s insights and find them both thought-provoking and helpful.
Enjoy the read.
Harness Investment Management Market Ethos
HALO Immunity Idol
As AI continues to disrupt the growth factor, hard assets, cyclicals and defensives are back in vogue. Likely more so with hostilities breaking out over the weekend. In this Ethos we discuss this change in market leadership, an improving global manufacturing environment and the return of Japan to investor's radar. read article
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Trustworthy Information - It's Getting Harder To Find
Not long ago, the answer was simpler. We turned to encyclopedias on our bookshelves, teachers in classrooms, trusted professionals, and established media sources. When the internet first became widely available, it felt like a powerful expansion of knowledge. Many people assumed that if something appeared online, it had been researched, reviewed, and verified.
Today, the landscape is very different.
Information is everywhere articles, videos, podcasts, social media posts, newsletters, and now AI-generated content. While this abundance can be empowering, it has also made it much harder to separate thoughtful guidance from opinion, influence, or misinformation.
Some sources carry political slants. Others are shaped by algorithms designed to capture attention rather than deliver accuracy. Influencers and content creators may be motivated by followers, sponsorships, or clicks. Even well-meaning advice can be incomplete or oversimplified.
And with the rise of artificial intelligence, information can now be generated instantly and convincingly sometimes without clear sources behind it.What makes this even more challenging is how our brains are wired. Our brains are designed to conserve energy and process information quickly. To do that, we rely on mental shortcuts — psychologists call them cognitive biases. One of the most common is confirmation bias, the tendency to favor information that supports what we already believe while ignoring information that challenges it.
Another factor is the brain’s reward system. When we encounter information that validates our opinions or sparks emotion whether it’s excitement, fear, or outrage our magnificent brain releases dopamine, the neurotransmitter associated with reward and motivation. That little chemical reward makes us more likely to engage with that content and share it, even if we haven’t fully evaluated its accuracy. In other words, our brains are naturally drawn to information that feels good or confirms our views, not necessarily information that is most reliable.
This is why developing information discernment has become an important modern skill. When you come across new advice or bold claims, it can help to pause and ask a few simple questions:
· Who created this information, and what are their qualifications?
· What might their motivation be?
· Are there multiple credible sources supporting the same idea?
· Is the information current and relevant?
This is particularly important when it comes to decisions about your health, finances, or long-term planning. These areas deserve more than a headline, a viral video, or a social media post.
Thoughtful decisions often come from a combination of credible research, experienced professionals, conversations and critical thinking that consider your personal circumstances. In many ways, we are rediscovering something that existed long before the internet, the value of trusted expertise and thoughtful dialogue.
Because when it comes to the decisions that shape our lives, the quality of the information we rely on matters more than ever. Own your financial mindset
Don’t Leave Money on the Table This Tax Season |
One of the most common areas of confusion is the difference between tax deductions and tax credits. Understanding how each works can help you reduce the amount of tax you pay and keep more money working for you and your family. |
Tax Deductions - Lower Your Taxable Income A tax deduction reduces the amount of income the government taxes. The lower your taxable income, the less tax you pay. For example, if you earn $80,000 and contribute $10,000 to your RRSP, your taxable income may be reduced to $70,000. That simple move can generate meaningful tax savings while helping you build long-term retirement security. Tax Credits - Directly Reduce the Tax You Owe A tax credit, on the other hand, reduces the actual tax bill after your income has been calculated. These can often be overlooked, yet they can add up quickly. Some of the most commonly missed credits include:
A Strategic Opportunity Many Families Miss Tax planning isn’t just about claiming credits it’s also about using them strategically within the household. Some credits can be transferred between spouses or carried forward to future years. This kind of coordination can significantly reduce a family’s overall tax burden. Like tuition credits, charitable donations and medical expenses. Deductions examples:
Credits examples:
List of CRA Income Tax Credits & Deductions The Behavioral Trap: Waiting Until Tax Season From a behavioral standpoint, many people make the mistake of thinking about taxes only in March or April. By then, it’s often too late to optimize strategies or track missing receipts. Our brains are wired to focus on the immediate task, filing the return rather than the year-round habits that produce better outcomes. My biggest advice: track your receipts and eligible expenses throughout the year. Missing even one category could mean hundreds — sometimes thousands — of dollars in lost savings. Think of It This Way… It’s about keeping more of the money you worked hard to earn. Every dollar you save in tax is a dollar that can be redirected toward what really matters YOU and YOUR FAMILY. We look at options like retirement savings, children’s education, debt reduction and building financial security. In other words, pay yourself — not the tax man. Let’s talk about it. Here is the CRA link with the List of Income tax credits & deductions |
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