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- Consider a Registered Education Savings Plan (RESP) for your children.
- Review your December income tax installment.
- Repay outstanding shareholder loans and pay interest on employee loans.
- Contribute to your spouse’s or common-law partner’s RRSP to the extent of your RRSP deduction limit for 2008. This doubles the amount a couple can withdraw for the Home Buyer’s Plan.
- Claim your personal tax credits.
- Keep your transit passes.
- Pay reasonable salaries to family members.
- Convert non-deductible debt to deductible interest.
- Review your will every five years.
- Split pension income with spouse.
Consult your Padgett Business Services representative
to obtain additional tax planning ideas.