Tax planning issues

Consider the following when making your tax plans

• Consider a Registered Education Savings Plan (RESP) for your children.
• Set up a Tax Free Savings Account (TFSA).
• Review your December income tax installment.
• Make a low interest loan to your spouse.
• Repay outstanding shareholder loans and pay interest on employee loans.
• Contribute to your spouse’s or common-law partner’s RRSP to the extent of your RRSP deduction limit for 2014. This doubles the amount a couple can withdraw for the Home Buyer’s Plan.
• Consider a Registered Disability Savings Plan for a child with a sever disability.
• Claim your personal tax credits.
• Keep your transit passes.
• Pay reasonable salaries to family members.
• Convert non-deductible debt to deductible interest.
• Review your will every five years.
• Split pension income with spouse.
• Home buyer’s tax credit for first time homebuyer

Consult your Padgett Business Services to obtain additional tax planning