Other Tax Planning Issues

  • 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.

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