4 Tax-Planning Tips to Take Advantage of by Dec 31

tax tipsTax planning may be the last thing on Canadians’ minds as they get ready for the hustle and bustle of the holiday season.

But now is the time to take advantage of credits and benefits available to you until Dec. 31, says Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management.

Otherwise, you may be leaving money on the table that you won’t be able to claim in the new year.

“Most of the planning has to be done in the tax year that you’re in,” Golombek notes.  Read More…

This article has 9 Comments

  1. Cecil Toll

    Although i have used the medical expense tax credit for years i made the mistake of trying to use it alongside applying for relief from my extended insurance covered provided by my work. I paid a CRA penalty for that mistake.

    So be careful how you use the medical expense credit.

  2. Monty

    Fascinating the richer and comfortable one gets the more stingy one is in wanting to pay their fair share in taxes in a progressive system. Just sayin'.

  3. Greg

    You've got to be a rich sob to be making use of charitable contributions because if only 50% is deductible it seems more efficient to use other savings methods.

  4. Briley

    Ahh yes and the Liberal agenda of collapsing our economy has begun. Some of the advice in there is not what i would consider effective.

  5. Yogi W

    Not sure if this counts but one could max out their TFSA.

  6. Haden T

    If you own a business you could use a PHSP provider for medical expenses instead of using the CRA medical tax credit. It saves a lot more. There is no threshold that has to be surpassed.

  7. Rohan L

    Intersting i didnt know that i could claim my kids swimming lessons. I have to assume soccer and karate falls under this category too. Thanks for the information. Very handy.

  8. Gannon H.

    RRSP or RESP contributions are a popular way to reduces taxes owed. We have until late February 2017.

  9. Cody S

    The dollar is in the low 70s. I figure the biggest tax tip would be to wait and see how Trump might help make it rise. Oil is going up and so will the dollar.

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