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Submitted by admin on November 17, 2010 - 5:56pm

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject, and how it pertains to your specific tax or financial situation.

Quick Tips

Tax

Contribute to your RRSP early to maximize tax deferred growth.
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Financial Planning

Compare the after-tax returns for each investment rather than the before-tax returns.
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Tax

Snowbirds, note: A second home or cottage is regarded as personal-use property if used primarily by the taxpayer or a relative (or beneficiary).
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Tax

Combine donations made by both spouses onto only one tax return to maximize the tax benefits.
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Business Management

Make sure that you have a great bookkeeper.
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Debt Management

Avoid carrying balances on credit cards.
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Tax

Reduce taxes by donating stock with capital gains to your favourite charity.
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Tax

Income splitting pensions can reduce taxes.
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Financial Planning

Use life insurance products to protect your family and the value of your estate.
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Tax

Use life insurance products to transfer wealth tax effectively to the next generation.
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Tax

Review the allocation of investments between your RRSP and non-registered investment accounts to ensure investments are being held in the most tax advantageous manner.
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Business Management

Use accounting software to compare your business performance to your budget.
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Tax

Use the advantages of the low corporate tax rate on active business income to defer taxes.
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Debt Management

Get out of non-tax deductible debt as quickly as possible.
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Debt Management

Take advantage of low interest rates to refinance and reorganize your debt.
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Business Management

Consider setting up a Board of Advisors for your business.
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Tax

A single person can claim a tax credit for a dependent child, grandchild, sibling, parent or grandparent.
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Business Management

Make sure that your electronic data is backed up regularly and stored offsite.
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Tax

Utilize an Employee Health Services Plan in your business to reduce the after-tax cost of your medical expenses.
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Financial Planning

Review and update your Will every two years or when situations in your life change.
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Business Management

Incorporate a holding company to help manage your business risks.
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Tax

If you borrowed funds to purchase real estate from which you’ll earn income, the interest expense is deductible, unless the real estate is vacant land.
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Tax

Save taxes with tax-free savings accounts.
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Tax

Review your business activities to see if they qualify for the Scientific and Experimental Development tax credit.
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Debt Management

All things being equal, repay any debt with the highest interest rate first.
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Debt Management

If possible, utilize financing options that calculate interest on net borrowings by offsetting cash balances that you may have against your debt.
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Financial Planning

Improve the value of your business by preparing it for sale or transition; plan for it today even if you are not thinking of selling it.
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Business Management

Review your business to take advantage of all government training grants available.
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Debt Management

Businesses should match the repayment terms of debt to the life of an asset to avert liquidity problems.
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Tax

Get your tax returns to your accountant early for timely filing.
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Debt Management

Where possible, seek financing options that are not due on demand.
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Business Management

Review all guarantees on a regular basis to ensure that, where possible, they are reduced regularly.
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Business Management

Don’t make a business decisions based solely on tax consequences.
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Tax

If your business is not incorporated, you can write off business losses against other income.
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Financial Planning

Create a retirement and wealth creation plan as early as possible with the help of your investment professional.
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Tax

If you stayed home to raise young children, apply for the Child Rearing Drop-out when you apply for any CPP benefits.
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Financial Planning

Compare your monthly income needs to long-term disability coverage.
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