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A FEW PERSONAL INCOME TAX TIPS
DID YOU KNOW
- if you are over 69 years of age, but your spouse is not, you can still make spousal RRSP contributions if you have available RRSP contribution room
- contributions to a spousal RRSP plan rather than your own can provide an effective means of income splitting and thereby reducing personal income taxes in the future
- there is a time limit for you to obtain refunds for personal income tax returns or adjustments not yet filed
- filing income tax returns for children as young as 16 or who have earned income below taxable levels has tax advantages
- medical premiums paid for insurance coverage while travelling outside of Canada are eligible medical expenditures
- a donation of personal goods to your favourite charity can often qualify as a charitable donation
- incorporation of a proprietorship may result in reduced income taxes
- investing can be structured to allow you to deduct your mortgage interest
- there are certain investments that are structured to provide annual tax-deferred distributions
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