Tax law can be complex. There's much to know to be sure you're doing all you can to get what you deserve. Here are some personal and business tax tips to get you started.
Be sure to take advantage of all income-splitting and pension sharing opportunities.
Those 65 and over can split several kinds of pension income, such as life annuity payments from a company pension plan, RRIF payments and payments from an RRSP or deferred profit sharing plan. Income splitting can save thousands of dollars in tax if income is shifted from someone in a higher tax bracket to someone in a lower tax bracket.
Tax Benefits for Students
Several credits for students - such as the tuition, education and textbook credits - can be transferred to a spouse or parent once the credits are used to reduce the student's tax payable to zero. The credits can also be carried forward indefinitely so the student can use them later when he or she starts earning money.
Volunteer Firefighter & Search and Rescue amounts
You can claim $3,000 for the volunteer firefighters' amount (VFA) or the search and rescue volunteers' amount (SRVA), but not both, if you meet all of the following conditions:
This list is far from exhaustive. Call us today to set up a time to discuss your specific situation and needs.