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 2009. 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.