Many tax savings tips are listed below and you have 60 days left to save on your 2017 personal income tax by contacting us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.

To get your free 2017 TAX RETURN ORGANIZER™ please contact us. Now more than ever you need to know that you are paying the least amount of tax.

TAX TIP          Cryptocurrency, like Bitcoin, is digital currency which is essentially electronic money that is created using computer algorithms. Gains or losses from selling or buying digital currencies must be reported on your tax return and may be on account of capital (one-half taxable) or ordinary income (fully taxable) depending on the facts of your situation. Digital currency you receive in exchange for goods or services must be included in your income and GST/HST may also apply.  Due to complicated cryptocurrency tax rules and to avoid costly errors, please contact us for professional assistance.

Tax savings tips to remember:

  • You can revise a maximum 10 prior years’ tax returns for errors or missed expenses to receive refunds
  • Consider making a $2,000 over-contribution to your RRSP as it can reside there for many years and grow on a tax-deferred basis
  • Consider an optimum salary and dividend mix to reduce your income tax if you own a corporation
  • Maximize interest deductions by arranging your borrowings first for business or investment purposes and then for personal use
  • Defer deductions such as CCA capital cost allowance and RRSP to save them for a subsequent year when you will have a higher tax rate or if you are not fully utilizing your non-refundable personal tax credits
  • If you incurred capital losses in 2017, consider carrying them back to previous taxation years to receive refunds
  • Split pension income with your spouse to minimize tax and maximize the pension credit
  • File a tax return for your child if he or she has earned income so that RRSP contribution room can be created
  • Consider filing Form T1213 to request a reduction in your income tax withholdings from your salary in 2018
  • Make your money work for you instead of you working for it, and get out of non-tax-deductible debt as quickly as possible


TAX TIP        First-Time Donor’s Super Credit was a temporary 5-year measure introduced in the 2013 Federal Budget and has expired at the end of 2017 as originally planned.  The last opportunity for new donors to claim this credit will be when they now file their 2017 tax returns. In order to ensure taxpayers will benefit from this tax credit, please contact us.

April 30, 2018 Tax Deadline

You must pay your 2017 personal income tax by April 30, 2018 so be sure to file your 2017 personal income tax return on time to avoid penalties and interest.

We Will Help You

HALPERN Chartered Professional Accounting Firm is a full-service Tax, Accounting, Business Advisory and Financial Planning CPA firm. Accurate and timely information is only one piece of any effective solution. We are dedicated to bringing you all of the pieces together – knowledgeable and innovative advice, leading-edge technology, and a strong relationship with our clients. This type of creative thinking also enables us to help you and your business organization to solve complex problems and significantly enhance your ability to improve performance, manage risk and build value.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.