Take advantage of 2015 year-end tax saving opportunities. Ideally, tax planning should be a year-round affair since many tax strategies require foresight to be effective. The good news: there are still opportunities to reduce your 2015 tax liability, particularly if you act before the end of the calendar year.
Rapidly changing tax laws mean periodic business and personal tax planning and financial advice is absolutely essential for all business owners, individuals, corporate executives and professionals.
Don’t leave your tax planning to chance! We will show you how a personal customized tax strategy will save you money.
TAX TIP In a marriage breakdown, if only one parent is required to pay Child Support, then that parent/taxpayer is prohibited from claiming the Eligible Dependent Credit for that child. However, if both parents are required to pay Child Support, then each parent can claim one of the children. Contact us now for important tax savings advice regarding your marriage breakdown.
The following payments are due by December 31, 2015 to claim on your 2015 Tax Return:
- Charitable donations
- Association dues and professional fees
- Medical expenses
- Alimony and maintenance support payments
- Investment counsel fees, interest and other investment expenses
- Child care expenses
- Moving expenses
- Political contributions
- Tuition fees for yourself
- Deductible legal fees
- Interest on student loans
- Tax shelter investments
- Contributions to your RRSP if you turned 71 during 2015. By this date, any RRSP will have to be wound up by you
- This is a partial list. Contact us now for specific advice on your situation
TAX TIP Did you know that CRA Canada Revenue Agency has the ability to legally secure its claims against you if you owe money, ranking ahead of unsecured creditors? CRA has a “deemed trust priority” in respect of GST/HST and payroll source deduction claims. Contact us now to learn how to properly deal with amounts you owe to Canada Revenue Agency.
Payments due by FEBRUARY 29, 2016 include:
- Contributions to a TFSA Tax-Free Savings Account
- Deductible RRSP contributions to your own or a spousal RRSP
- Contributions to a spousal RRSP if you are over 71, had earned income in 2014 (or unused contribution room from prior years) and your spouse will be under 72 in 2016
- RRSP repayments under a Home Buyer Plan or a Lifelong Learning Plan
- Contributions to federal or provincial labour-sponsored venture capital corporations and other provincial plans
We Will Help You
Now more than ever you need our strategic tax consulting, comprehensive business advisory and financial planning services. We also use the most advanced state-of-the-art technology to minimize your income tax liabilities.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.