What does the term pay yourself first really mean? It commonly refers to payroll deductions to a group RRSP provided by your employer. How is that paying yourself first? Let me explain. When you are paid, your gross amount is taxed, also known as taxable income. So, the concept is this, lower your taxable income, pay less tax. The idea is to pay yourself some money before the Government grabs their little piece, hence the term “pay yourself first” is used. If you make regular

I normally write about payroll and employee matters, but I came across this article on Business.com and thought it may provide some helpful hints for some of my clients and small business owner friends. You can find the complete article with this link https://www.business.com/articles/brilliant-ways-to-save-money/. Megan Totka reveals “11 Brilliant Ways Your Small Business Can Save Money” and though some of these ideas are common sense, sometimes we forget the simple solution