As we approach the end of the year now is the time to tie up all the loose ends around home to maximize any tax advantages that may be available.
- Make sure child care expenses are paid to the end of December.
- Make your donations in December.
- Pay any unpaid balances for rent and utilities.
- Figure out a rough idea of your income verses expenses and determine if you need to make a purchase to lower your taxable income.
- Gather together your medical receipts - maybe it’s to your advantage to visit the dentist before the New Year.
- Determine if you need to make RRSP contributions.
Talk to your tax advisor to get a better idea where you stand now – before the New Year. Your tax advisor may be able to help you reduce the amount of taxes owing but you need to act before the year is out.
