Twelve days of tax tips – Day 9
Grant Thornton LLP wants to remind Canadian taxpayers and businesses that now is the time to employ end-of-year tax planning strategies that can help reduce the overall tax burden.
On the ninth day of tax tips, pay certain expenses in 2011 to maximize individual tax benefits. In particular, consider medical expenses; physical fitness costs and registration costs paid for artistic, cultural, recreational or development activities for children under 16 years of age; public transit costs; investment fees (eg. safety deposit rental); moving costs; tuition and interest on student loans; and charitable and political donations.
Other days of tax tips:
Day 1: Switching year-end bonuses into dividends
Day 2: Maximizing the small business deduction
Day 3: Accelerating your business expenses into this year’s higher tax rates
Day 4: Selling money-losing investments to offset capital gains
Day 5: Deferring reporting interest income on investments
Day 6: Deferring tax when selling your business
Day 7: Loaning money to your spouse or common-law partner to split the income
Day 8: Deferring your RRSP contribution
