As we get closer to the end of the year and holiday time with friends & family, we wanted to
ensure you are aware of some strategies you can take advantage of in the next month. It’s worth the short read, especially as we can help you Save Tax and qualify for Government Grants and Tax Credits along the way! While these are the most common strategies available, there are more. We would encourage you to discuss your situation with us to see how we can help you personally.
You are in Retirement: Lower your tax rate on Pension Income
You are approaching Retirement: Save Tax Now, Pay Less Tax in the Future
You have investments that are down from where you purchased them: Recover Capital Gains Tax back for any of the previous three years!
You are saving for someone’s education: Get free money from the Government
You own your own Business: Revisit how your “Passive Income” may be affecting your overall taxes
“Passive Income” is essentially the income you earn on investments (Stocks, Bonds, Mutual Funds, GIC’s) inside your company investment account.
If your Passive Income is above $50,000, you may be affecting how your actual business income is being taxed.
There are multiple ways to address this situation if you are being affected.
We would be happy to answer any questions that you may have on these or any other tax related matters.