1)Maximize your RRSP and TFSA contributions to maximize your tax deduction.
2)Remember to use your Capital Losses against your Capital Gains for all non-registered portfolio holdings. Discuss superficial loss rules with your accountant.
3)Maximize your Charitable Donation Tax credits. Consider making Donations in excess of $200.00 each year. Consider making “in-kind” donations of marketable securities to eliminate the capital gain on the security while producing a tax credit.
4) Review your investment portfolio to maximize income types with more attractive tax treatments- eligible Canadian dividends, capital gain income and capital return over interest and foreign income.
5) Set up spousal and trust loans with family members to allow income splitting.
6) Corporate business owners should review with thier Accountants the most tax beneficial mix or dividends and salary for the coming year and develope a “Tax Deferral and Income Strategy” for the next 2 to 5 years.