Consider the following when making your tax plans
- Consider a Registered Education Savings Plan (RESP) for your children.
- Set up a Tax Free Savings Account (TFSA).
- Review your December income tax installment.
- Make a low interest loan to your spouse.
- 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 2014. This doubles the amount a couple can withdraw for the Home Buyer’s Plan.
- Consider a Registered Disability Savings Plan for a child with a sever disability.
- 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.
- Home buyer’s tax credit for first time homebuyer
Consult your Padgett Business Services to obtain additional tax planning