Year-end tax tips - 2016

Every year at this time, we remind all of our clients to review several tax strategies:
  • Please make sure to use all tax-deductible and tax-creditable expenses available to you. They include charitable donations, medical expenses, children’s fitness and arts costs, tuition fees and transit pass costs. Children’s arts and fitness credits will be eliminated in 2017. Licensed teaches can deduct up to $1,000 of eligible school supplies.
  • Please remember to pay reasonable salaries to your spouses and children or contribute to spousal RRSPs.
  • Remember to maximize savings by contributing to a TFSA and RESP.
  • Review the best option for your owner-manager remuneration strategy for the year.
  • If you are an employee and use your vehicle for work, please make sure to update your vehicle log.
  • Collect all receipts.