Tax Planning : Tax tips

 

Tax planning is an ongoing process

Tax planning is an ongoing process. Once you have filed your previous Canadian income tax returns, it is the time to start planning for the current year.

Consider Tax Planning

Tax planning is arranging your income tax affairs in order to legally minimize your Canadian income tax burden. Now is the time to carry out year end tax planning. Consider retaining a Canadian tax lawyer for assistance.

Acquire business assets before December

If you are thinking of acquiring business assets, acquire them before December to be able to claim capital cost allowance (depreciation for Canadian income tax purposes) in the current year.

Earned income on investments bought in a child's name with the Child Tax Benefit

Attribution rules don't apply to earned income on investments bought in a child's name with the Child Tax Benefit provided an account was established for the child.