YEAR-END Tax Planning Tips – December 2019
As the end of the year approaches, please take a few moments to consider the attached 2019 YE Tax Planning Tips. If you are a small business owner, there have been changes to (TOSI) “Tax On Split Income” and Passive Income that you should be aware of. We also encourage personal tax clients to review the expenditures that could be used for 2019 tax deductions, ensuring you have prepared those receipts to be reviewed as part of your 2019 Personal Tax Return. Seniors should consider whether a higher income could impact your Old Age Security, and may wish to defer receiving Old Age Security receipts for up to 60 months. Individuals can make tax deductible Registered Retirement Savings Plan (RRSP) up until March 2, 2020. There are many other Tax Tips outlined for your review here, and we encourage clients to contact us before the end of the year to discuss your individual tax situation.
We wish you all happy holidays and happy tax planning.
Closed at Noon December 24
Closed December 26, 27
Closed at Noon December 31