Padgettyork.ca Blog

Tax Planning Issues You Should Know

November 15, 2016 - 0

– 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 2016. 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 home buyer.
Consult your Padgett Business Services representative to obtain additional tax planning ideas.